Professionals in the UAE with a 10-year Golden Visa are set to significantly impact Dubai’s property market in the years ahead, as per Rizwan Sajan, chairman of Danube Properties.
“Numerous medical professionals in the UAE have received or are eligible for the Golden Visa,” Sajan shared with Khaleej Times.
“Consequently, many are choosing to invest in Dubai real estate, opting to stay in the country for both their careers and retirement, making this a sensible investment choice,” he added.
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Sajan, an industry expert, made these remarks during a recent open day event for doctors and healthcare professionals in the UAE, which offered a special payment plan for attendees.
Rizwan Sajan
Introduced post-Covid-19, the UAE has extended the Golden Visa to healthcare professionals.
As per Abu Dhabi’s Department of Economic Development, applicants must have at least 5 years of UAE experience, a valid license, and a bachelor’s degree or equivalent.
Moreover, professionals in science, research, IT, engineering, education, and other skilled sectors are eligible for a 10-year residency.
The Golden Visa program, launched in 2019, has seen increasing demand, providing long-term stability for expatriates and investors who aspire to live, work, and retire in the UAE.
Recent data from Dubai authorities revealed that the number of Golden Visas issued across all categories reached 158,000 in 2023, a significant rise from 79,617 the previous year.
Continued Growth Expected
The Dubai-based billionaire remains confident about the property market’s future, anticipating price increases over the coming years, barring geopolitical tensions.
He noted that current property prices in Dubai will be hard to find in two years as values are expected to rise.
“I foresee prices increasing as more people move to Dubai. The upcoming integrated gaming resort at Al Marjan in Ras Al Khaimah will further boost the property and hospitality sectors,” he stated. He added that, absent geopolitical issues, Dubai property prices are likely to rise over the next four to five years.
“Prices in core areas like Downtown, Business Bay, Al Furjan, Silicon Oasis, and Sports City will continue to climb. Land we acquired two years ago is now valued four times higher. Similarly, construction companies are facing up to 60% higher costs due to rising material prices.”
Sajan forecasts annual property price hikes of 15–20% over the next four to five years in key areas like Downtown Dubai, Business Bay, Al Furjan, Silicon Oasis, and Dubai Sports City. He also pointed out that land purchased two years ago is now worth four times more, and construction expenses have surged by up to 60% due to “the rising cost of construction material.”
“All projects launched in the last 2-3 years in JVC, Silicon Oasis, and other communities have experienced a 25-35% capital increase. The prices available today will undoubtedly be higher in 2-3 years as they appreciate,” he said.
