Attracted by the huge returns from off-plan constructions, foreign investors have been one of the main forces behind the surge in the Dubai real estate market, especially in the post-Covid-19 era.

'Who will be my tenant?' is the most frequent question foreign investors ask when purchasing real estate in Dubai. Tenants in Vietnam and the Philippines, for instance, are natives. They therefore ask who will be their Dubai tenants. We advise that it will be either European, Arab, Pakistani, or Indian citizens. Strong connectivity with tenants is what they desire. Because they know that their tenants won't quit even if they lose their jobs, these long-term residency programs—like Golden Visa, Green Visa, Retirement Visa, etc.—are hence giving international investors more confidence, according to Ansari.

"We inform investors that these tenants have been residing in Dubai and the United Arab Emirates for decades, and that Golden Visas enable them to stay for extended periods of time." Ansari told Khaleej Times that these long-term residency programs are altering investors' perspectives and giving them a lot of confidence to make investments in Dubai.

Over 50,000 real estate experts work for the internet company, which completed $5 billion in deals last year, including over $400 million in Dubai.

According to Ansari, investors from Southeast Asian nations are also "amazed" to learn that Dubai has zero income tax.

When they learn that there is no income tax, they are astounded. Second, people are drawn to invest because the property buying and selling procedure is quite clear, and the banking system is transparent, making it easy to transfer money into and out of the UAE," he continued.

Why are there more millionaires?

Millionaire investors from Asian and European nations are increasingly drawn to Dubai, according to Ansari, because of the higher returns on high-end real estate offerings, lower taxes on European real estate, and lower pricing compared to other major cities worldwide.

He went on to say that the steady increase in real estate prices, which have more than doubled in some neighborhoods, has made many homes out of reach for middle-class investors, which is why rich purchasers are swarming to Dubai.

Over the last four years, real estate values have been rising. The rally started as soon as Dubai, one of the first places to open to foreigners for investment and tourism following the Covid-19 shutdown, did.

"The real estate market in Dubai is going through some intriguing moments right now. The hefty ticket price is drawing in the large investors. For properties over $1 million, there are always buyers. For instance, the UK and Australia used to be preferred by Indian investors. According to Kashif Ansari, co-founder and group CEO of IQI, "Indians are eagerly purchasing $2–$3 million ticket homes after COVID-19 because, when compared to the prices in their country, prices in Dubai are very good."

"Property prices in Dubai have more than doubled, therefore, more high-net-worth individuals or millionaires are coming to Dubai instead of low and mid-ticket investors because prices are not within their range," he stated.
Due to inflated pricing in other cities, he said, Southeast Asian investors were "amazed" when informed about the investment and returns they might obtain in Dubai in comparison to other Asian markets.

End-users below Dh1 million

"Millionaire investors are coming to Dubai to grab $1-million prices because they have the appetite and funds to invest in the growing market," the CEO said, citing the significantly better returns that investors receive on properties priced Dh2 million and above compared to those priced below Dh1 million.

In order to safeguard themselves against growing rental costs, the majority of buyers in the Dh1 million price range are now end users. In the meantime, foreign investors are spending more than Dh4 million," Ansari continued.

He said that rather than purchasing two properties for Dh1 million each, investors would be better off purchasing a single property for Dh2 million.

"High-net-worth individuals are increasingly looking for safe, stable jurisdictions in a world of increased geopolitical danger, and the UAE stands out in this regard. According to Ansari, it provides a world-class infrastructure, a luxury lifestyle, a worldwide trade time zone, and an atmosphere that is conducive to business.

New amendment regarding the golden and retirement visa in the Emirates

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