‘Build it, and they will come been the UAE housing industry philosophy for the past 20 years. Now it seems the modus operandi is a more sustainable build-it-and-they-will-stay.
The government made it easier and more desirable for people to commit to Dubai long-term. The most notable change was the expansion of the 10-year visa program.
Golden Residence Scheme is a 10-year visa for Dubai. Updates streamlined eligibility standards and gave visa holders more privileges and flexibility. The Golden Residence amendments are outlined here, but in short, the new visa regulations allow more people to earn residency when buying Dubai property, including Off-plan and Mortgaged Properties.
Other macroeconomic and geopolitical considerations suggest prolonged growth.
UAE oil revenues will rise with world prices, but Dubai has a diversified economy. Over 95% of the UAE’s population has at least 2 doses of covid. The proactive approach has helped the emirate’s economic recovery and expedited Expo 2020 by a year. This has led to an increased revision of GDP predictions, with Dubai expected to record 6.2% economic growth this year.
Positive post-covid attitude and new visa regulations have benefited Dubai’s employment, up 3.5% in 2022.
The market is maturing. The prime submarket sets the pace with ultra-high-net-worth residents, but the entire market is desirable globally. Investors face intense competition from end-users and existing residents in Dubai’s more established neighbourhoods.