UAE: Golden Visa professionals set to drive Dubai property market, says Danube chief
'Many medical professionals in the UAE have either received or qualify for the Golden Visa,' Sajan told Khaleej Times.
"As a result, many are choosing to invest in Dubai property and remain in the country, both for their careers and retirement. This makes investing in Dubai real estate a logical decision for them,' he added.
Sajan, an industry veteran, spoke during a recent open day event for doctors and healthcare professionals in the UAE, which featured a discounted payment plan for attendees.
Introduced after the Covid-19 pandemic, the UAE has been offering a Golden Visa to healthcare professionals.
According to Abu Dhabi's Department of Economic Development, applicants should have a minimum of 5 years' experience in the UAE, valid practicing licence, and a bachelor's degree or equivalent.
In addition, professionals working in science and research, IT, engineering, education, and other skilled fields are eligible for a 10-year residency permit.
The Golden Visa scheme has seen growing demand since its launch in 2019, offering long-term stability for expat residents and investors who wish to live, work, and retire in the UAE.
The latest figures released by the authorities in Dubai showed that the number of Golden Visas issued in all categories reached 158,000 in 2023, up from 79,617 in the previous year.
Rally to continue
The Dubai-based billionaire remains optimistic about the local property market and expects prices continue to rise over the next few years, provided there are no geopolitical tensions in the region.
He added that buyers are unlikely to find current property prices in Dubai after two years, as values are expected to appreciate.
'I believe prices will rise as the influx of people to Dubai continues to grow. The upcoming integrated gaming resort at Al Marjan in Ras Al Khaimah will also be a significant development for the local property and hospitality markets,' he said. He added that, barring any geopolitical issues, Dubai property prices are likely to trend upward over the next four to five years.
'Prices in central areas like Downtown, Business, Al Furjan, Silicon Oasis, Sports City, all the centrally located places will go up and up. Plots that we bought two years ago cost four times more. Similarly, construction companies are paying up to 60 per cent higher prices because of the rising cost of construction material.'
Sajan predicts annual property price increases of 15–20 per cent over the next four to five years in key areas such as Downtown Dubai, Business Bay, Al Furjan, Silicon Oasis, and Dubai Sports City. He also noted that land purchased two years ago is now worth four times more, and construction costs have surged by up to 60 per cent due to "the rising cost of construction material".
'All the projects that we launched over the last 2-3 years in JVC, Silicon Oasis, and other communities have seen 25-35 per cent capital appreciation. The prices that are available today will definitely not be the same rate in 2-3 years as they will appreciate,' he said.
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