UAE visa reforms drive property boom, Property Finder CEO says

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Property Finder’s founder and CEO Michael Lahyani said the UAE’s real estate market is witnessing a significant housing boom, in contrast to slumping demand in other global cities. Lahyani attributed the soaring demand to the country’s long-term visa initiatives such as the Golden Visa and the newly introduced Blue Visa.

“The UAE’s long-term visa initiatives are driving growth in the country’s property market, particularly in Dubai. The introduction of the 10-year Golden Visa and now the Blue Visa gives assurance to individuals considering investing in the real estate sector, as the extended visa tenure offers potential investors a different perspective,” Lahyani said on the sidelines of the Property Finder Connect event in Dubai.

“Dubai has historically been a city where many people prefer renting, but with the introduction of the Golden visa, there has been a shift towards home ownership. This has led to a noticeable change, with a growing number of buyers now being end users rather than just investors.”

The latest data from property consultancy firm Knight Frank revealed that sales of Dubai homes worth $10m or more rose by 6 per cent in the first quarter of 2024, driven by buoying demand from the international ultra-rich for homes in the emirate.

A total of 105 homes worth an overall $1.73bn were sold in the January-March period, up from around $1.6bn a year ago.

Property Finder unveiled its first community-focused white paper giving insights, trends and forecasts for real estate in the UAE.

The white paper, titled Opening Doors, reveals that community living is being enhanced by national urbanisation plans – accounting for the daily movement of people from housing to workspaces and creating connections and mobility pathways to enhance the quality of life.

Furthermore, Property Finder launched its PF Academy to promote trust and transparency in the UAE real estate sector. The academy offers ambitious industry aspirants and existing players a chance to upskill and grow with personalised learning modules.

Read: Dubai real estate powers through January 2024 with Dhs35bn in sales