In April 2022, the UAE visa residency system announced that real estate investors could obtain Golden Visa when purchasing a property worth no less than Dh2 million. This has encouraged residents in Dubai to invest or merge their properties to reach the milestone to be eligible for long-term residency. Around 35 to 40 per cent of customers merging two properties to reach the Dh2 million milestone to get the Golden Visa. When it comes to top buyers of properties for Golden Visa, it’s mainly Europeans, Africans and nationals of the Commonwealth of Independent States (CIS). This will be boosting Dubai’s already top tier property market.
Is this a clever way to boost the economy?