An IMGW News Report
In a notable shift, British investors have emerged as the driving force behind Dubai’s real estate market boom, surpassing both Indians and Russians in record numbers. Drawn by the promise of Golden Visas, tax-free living, and a luxurious lifestyle, they are flocking to the UAE in unprecedented numbers, reshaping the landscape of foreign investment in the region according to industry experts.
“The UAE is now the global leader in Golden Visa issuances”
Kristin Surak
Real estate experts noted a shift in the non-resident buyer landscape in 2023. While Russians held the top spot initially, they fell to third place by year-end. Buyers from India and the UK dominated transactions throughout the year.
Additionally, there was a significant uptick in buyers from Egypt, Lebanon, Pakistan, and Turkey, according to the firm. This highlights the city’s dual appeal as both a safe haven and a draw for the ultra-rich.
Once overshadowed by Indian and Russian buyers, British investors are now at the forefront of Dubai’s property market, as noted by industry experts. Data from leading Dubai property agencies reveals an unprecedented surge in transactions from UK nationals, outpacing traditionally dominant buyer groups.
Dubai, the second-largest of the seven emirates, stands as the UAE’s most important international city and financial and commercial center. Its modern infrastructure, transport, and communications systems make it an excellent hub for global business, offering easy access to markets worldwide.
One avenue for foreign investors to gain long-term residency in the UAE is through the UAE Residence by Investment (RBI) programme. Aimed at providing residence to foreign investors, entrepreneurs, and talented individuals, this program offers a host of benefits, including the right to live in any of the seven emirates of the UAE.
“Regarding RBI programmes, the rise of golden visas in the Gulf States is a very big, very important trend. Obviously what a ‘golden visa’ means in this case is something different, because the whole system of migration as well as citizenship in those countries looks very different than what it does in, say, Europe or North America or Latin America. But within that space, golden visa options are now proliferating. The UAE is now the global leader in ‘golden visa’ issuances,” said Kristin Surak, Associate Professor of Political Sociology at the London School of Economics (LSE), and the author of The Golden Passport: Global Mobility for Millionaires (Harvard University Press 2023), in an interview with IMGW.News.
The UAE’s RBI programme offers numerous benefits, making it an attractive option for investors. Strategically positioned as a gateway to Africa, the Middle East, Asia, and Europe, the UAE provides a safe and secure environment for residents. Moreover, its favorable tax regime, streamlined residence permit system, and real estate investment opportunities further enhance its appeal.
To qualify for the UAE residecy, investors must meet specific investment criteria, including a minimum investment of AED 2 million (approximately USD 550,000) in real estate. The application process involves completing forms, submitting fees and supporting documents, and undergoing due diligence checks.
In conclusion, it seems British investors are seizing the reins in Dubai’s real estate market, leveraging the UAE’s RBI programme for long-term residency and a slew of perks, rendering it a desirable destination for investment and settling down.