European Property Investors Flock to Dubai for High Returns and Tax-Free Living with Golden Visa

The demand for the UAE’s Golden Visa is rising among European property investors purchasing properties in Dubai.

Industry insiders reveal that some investors are acquiring properties in Dubai solely to obtain the 10-year residency visa. European investors from countries such as Switzerland, Germany, France, and the UK are attracted by the tax-free income, safety, and security that the Emirates offers, along with high returns on property investments.

Jess Stephenson, head of sales progression at Allsopp & Allsopp Group, confirmed the growing interest from European buyers in the Golden Visa. The visa allows investors to sponsor family members and domestic workers without needing an employment visa and to spend longer in the UAE than on a tourist visa. Golden Visa holders can open bank accounts and operate as residents in the UAE.

The 10-year residence visa has significantly contributed to attracting top talent worldwide, including property investors, professionals, entrepreneurs, scientists, and outstanding students.

According to the General Directorate of Residency and Foreigners Affairs (GDRFA) – Dubai, there has been a 52% increase in the number of Golden Visas issued in the first half of 2023 compared to the same period in the previous year.

Since introducing the Golden Visa for property investors, the demand for luxury and ultra-luxury properties in Dubai has surged, with thousands of millionaires relocating to the emirate. They enjoy the safety and security of their families, world-class education, and a modern lifestyle.

Miloš Antić, vice-president of DHG Properties, noted that the company had sold units to Swiss and Serbian investors, with 15% of their units already sold, predominantly to Europeans. He highlighted the influx of German buyers and the appeal of Dubai’s tax-free environment.

Imran Farooq, CEO of Samana Developers, emphasized the demand for the Golden Visa from European investors, highlighting its advantages over visit visas, such as leasing property, buying a car, and sending children to school. He also mentioned that the number of people seeking long-term residencies is growing in Europe due to factors such as taxation and law and order concerns.

Farooq Syed, CEO of Springfield Properties, pointed out the increasing interest of European investors in Dubai’s real estate market, driven by high rental returns, capital appreciation, and the city’s stability, infrastructure, and safety measures. He compared Dubai’s value for property investment favourably to European cities like London, Berlin, and Monaco.

European property developers are also entering Dubai to capitalize on high returns. DHG Properties, based in Switzerland, recently launched its first project in Jumeirah Village Circle (JVC), attracting strong interest from European investors.