Dubai to increase property sizes after change in Golden Visa criteria sparks demand

Dubai property

 Dubai's recent decision to eliminate the Dh1 million minimum down payment requirement for the Golden Visa has sparked a significant surge in demand for properties valued at Dh2 million. Consequently, property developers are now increasing the size of apartments to accommodate this growing demand.

The move to drop the minimum down payment requirement for the Golden Visa in January has resulted in a remarkable diversification of buyers entering Dubai's real estate market. Investors from various nationalities, including Syria, Iran, Pakistan, and others with weaker passports, are now opting for properties priced at Dh2 million to qualify for the 10-year residency.

Farooq Syed, CEO of Springfield Properties, highlighted the exponential growth in demand for properties eligible for the Golden Visa. He noted that clients from diverse backgrounds are upgrading from one-bedroom to two-bedroom apartments to meet the visa requirements. Some clients initially considering properties below Dh2 million are now extending their budgets to qualify for the Golden Visa, further fueling demand in this segment.

Moreover, developers are adjusting their strategies to cater to this increased demand. For instance, some developers are opting for slightly larger apartment sizes to accommodate buyers seeking properties priced at Dh2 million or higher.

Imran Farooq, CEO of Samana Developers, echoed the sentiment, emphasizing the heightened interest in Dh2 million properties. He observed a trend where buyers are gravitating towards two- and three-bedroom options valued at Dh2 million or above. Under the new regulations, buyers need to make a minimum down payment of 10% or register with the Oqood to qualify for the Golden Visa.

Sijo Jose, team lead at Betterhomes, outlined the recent changes in Golden Visa eligibility criteria, emphasizing the removal of the Dh1 million minimum down payment requirement. He explained that buyers investing in off-plan properties are now eligible for the Golden Visa if the project has completed 40-50% of the construction. This move is expected to stimulate increased demand for properties valued at Dh2 million.

Muhammad Binghatti, CEO of Binghatti Holding, emphasized the significance of the Golden Visa in attracting buyers to the Dubai real estate market. He noted a growing interest among buyers, particularly those seeking long-term residency in Dubai.

In conclusion, Dubai's decision to adjust property sizes in response to the surge in demand driven by changes in Golden Visa criteria reflects the dynamic nature of the city's real estate market. With developers and investors adapting to these new dynamics, the property landscape in Dubai is poised for further growth and diversification.