UAE: Wealthy Retirees Flocking to Dubai After the New Golden Visa Rule
Wealthy retirees from all over the world are anticipated to flood into Dubai, according to city-based property technology (proptech) companies, which are reporting an increase in requests for residential real estate investments since the 10-year Golden Visa rule waived the required minimum upfront investments for property purchases.
Retirees who are well-off are being encouraged to relocate by the city's excellent services and facilities, as well as the opening of top-notch healthcare facilities.
Samer Chehab, founder of PropertyGuru.ae, a Dubai-based proptech operating exclusively in the off-market segment, noted an increase in queries due to the lower entry point resulting from the AED2 million property investment rule. He emphasized the Golden Visa's role as a magnet for talent and investment, anticipating further demand growth due to the rule change regarding the minimum upfront payment.
Alois Kugendran, General Manager of Real Estate at Huspy, a different real estate and mortgage services company based in Dubai, emphasized Dubai's growing appeal as a retirement destination for foreigners, particularly now that the minimum investment requirements have been loosened and the Golden Visa is a feasible option. Senior executives from real estate consultancies and other city-based proptechs attested to the retirees' increased interest in moving to Dubai after the UAE government decided to do away with the AED 1 million minimum upfront payment needed for property purchases in order to be eligible for the 10-year Golden Visa.
Industry insiders predict that the reduction of entrance obstacles for acquiring Golden Visas will lead to a spike in real estate acquisition transactions in Ras Al Khaimah, Dubai, and Abu Dhabi. With fewer initial payments, more potential purchasers will be able to obtain long-term residency through property ownership thanks to the new law, which will increase transaction volumes. The removal of the minimum payment criterion provides customers with a quicker route to obtaining a Golden Visa while also relieving financial hardship. Furthermore, by offering flexible payment options for off-plan residences, the new regulations create opportunities for obtaining long-term visas.
By facilitating easier access to Golden Visas through home ownership, UAE authorities aim to attract global talent and investors in the long term. Dubai's diverse property options, coupled with reduced upfront payment requirements, position it as a favored destination for wealthy retirees, particularly from the West, seeking safety, quality of life, and solid healthcare services. The UAE's significant proportion of high-net-worth international expatriates stands to benefit from more retirees staying for retirement, potentially boosting local economies. Dubai's appeal lies in its status as a global city, tax efficiency, long-term visa options, and diverse housing offerings, making it an attractive choice for retirees seeking a comfortable and fulfilling lifestyle.
