UAE professionals holding a 10-year Golden Visa will be among the key drivers of Dubai's property market in the coming years, according to Rizwan Sajan, chairman of Danube Properties.
"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.
The industry veteran was speaking at a recent open day for doctors and healthcare professionals in the UAE, which featured a discounted payment plan for attendees.
Golden Visas for Healthcare and Other Professionals
The UAE began offering the Golden Visa to healthcare professionals after the Covid-19 pandemic. According to Abu Dhabi's Department of Economic Development, applicants need at least five years' experience in the UAE, a valid practising licence and a bachelor's degree or equivalent. Professionals in science and research, IT, engineering, education and other skilled fields are also eligible for 10-year residency.
Demand for the Golden Visa has grown steadily since its launch in 2019, offering long-term stability to expatriates and investors who want to live, work and retire in the UAE. The latest figures from Dubai's authorities show the number of Golden Visas issued across all categories reached 158,000 in 2023, up from 79,617 the previous year.
The Rally Will Continue
The Dubai-based billionaire remains optimistic and expects prices to keep rising over the next few years, provided there are no geopolitical tensions in the region. Buyers are unlikely to find today's prices in two years' time, he said, 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. Barring geopolitical issues, he expects Dubai prices to trend upward for 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 price increases of 15–20% over the next four to five years in key areas such as Downtown Dubai, Business Bay, Al Furjan, Dubai Silicon Oasis and Dubai Sports City.
"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.
