Dh5m property is new developer benchmark

Developers in Dubai have a new benchmark to aim for — a Dh5 million property — when it comes to targeting buyer prospects. Because that’s the price that will fetch the buyer a five-year residency visa and potentially open up a new growth opportunity within the property market.

And longer residency visas are exactly what is required to open up new investor markets, sources say. “Every market wants a piece of China’s investment power and Dubai is putting itself in a prime position to capitalise,” said Firas Al Msaddi, CEO of fäm Properties. “The announcement underlines the fact the government will not stop until the market is back where it wants it to be. This initiative will be complemented by many others.

“This is the time to acquire prime assets that aren’t available during boom times.”

In the first rush of the new law coming into effect, Dubai’s government-owned developers would be best placed. Locations such as Mohammad Bin Rashid Al Maktoum City, Creek Harbour and all the “island” locations off the Dubai coast could be beneficiaries. In a statement, the Dubai Land Department Director-General, Sultan Butti Bin Mejren, said the move will help Dubai “remain on the list of destinations most attractive to investors as well as those seeking high-quality accommodation and educational opportunities.”

“Dubai will remain on the list of destinations most attractive to investors as well as those seeking highquality accommodation...” Sultan Butti Bin Mejren | Dubai Land Department Director-General