Prestigious Golden Visa residency in Dubai : who is eligible?

Almost all the townhouse buyers are now eligible for the 10-year Golden Visa as prices have crossed Dh2 million, while the new townhouses are being launched at Dh2 million and above, according to industry executives. This in particular makes buyers eligible for the 10-year residency in Dubai. Golden Visa has become one of the biggest attractions for overseas investors. Thus, apartments in Downtown, Palm Jumeirah and Dubai Hills have faced huge growth in prices. With post-pandemic recovery and increase in demand for residential units from residents and foreign investors, property prices are said to have risen significantly in the past couple of years. Thus, in the 12 months to August 2023, average prices rose by 19.6 per cent, up from 18.1 per cent a month earlier, as provided by real estate consultancy CBRE.  It is worth mentioning that the increase in prices was facilitated by the government having introduced multiple long-term residency visas for foreigners which attracted a lot of expatriate professionals and investors, especially in the real estate sector. The second factor is that the procedure for the long-term visa has been softened as well. The point is that people want to stay in UAE for a long-term basis.