Affluent foreign investors are increasingly turning to Dubai’s booming property market, drawn by long-term residency programmes such as the Golden Visa, Green Visa, and Retirement Visa, which offer greater stability and long-term occupancy for their properties.
Foreign investors have played a key role in driving Dubai’s post-Covid-19 property boom, particularly in off-plan projects that promise high returns. According to Kashif Ansari, co-founder and group CEO of IQI, one of the most common questions foreign investors ask is about the profile of tenants who will occupy their properties.
“In countries like the Philippines and Vietnam, tenants are usually locals. Investors want to know who their tenants will be in Dubai,” Ansari told Khaleej Times. “We inform them that tenants are typically Indian, Pakistani, Arab, or European nationals, many of whom have been living here for decades. With long-term visas, they can remain in Dubai even if they lose their jobs — which reassures investors that their properties will stay occupied for longer periods.”
IQI, an online real estate platform with over 50,000 property professionals, facilitated $5 billion worth of transactions globally last year, including around $400 million in Dubai alone.
Ansari said investors from Southeast Asia are particularly drawn to Dubai’s zero-income tax policy and transparent property transaction system.
“They are amazed by the absence of income tax and how smooth the process of bringing funds in and out of the UAE is through a transparent banking system,” he said.
Why Are Millionaires Flocking to Dubai?
Dubai’s rising appeal among high-net-worth individuals (HNWIs) stems from several factors, including:
- Higher returns on luxury properties
- Rising property prices, which have more than doubled in some areas
- Lower property taxes compared to Europe
- Attractive pricing compared to other global cities
“After Covid-19, Indian investors who once preferred the UK and Australia are now buying $2-3 million homes in Dubai because the prices are better than in their home country,” Ansari said.
With property prices rallying for four consecutive years, Dubai is seeing a shift where wealthy investors are dominating the market, while mid-tier investors are being priced out.
“These are interesting times for Dubai’s property market. There will always be buyers for properties priced above $1 million,” Ansari added.
