Estate agents see transformation in Dubai property market

Increased rental costs and more residents staying in the UAE long-term have led to a rise in property sales in Dubai, according to real estate agents. The UAE's golden visa program, which grants longer-term residency for certain high-priced property purchases, has also attracted many overseas buyers. Residents are choosing to become homeowners to achieve long-term stability and avoid rising rental prices. Asteco reported a surge in property purchases from both overseas and resident buyers in Dubai over the past year, with a projected positive trajectory for 2023. Government initiatives like the golden visa program have contributed to a strengthening sense of belonging and commitment among UAE residents. Buyers are attracted by luxury apartments, villas, and off-plan properties offering attractive investment opportunities and potential for capital appreciation. The buying trend reflects a shift in mindset, with more people wanting to settle down and live in the UAE long-term.