Wealthy ‘retirees’ flock to Dubai after $272,000 rule change
Dubai is set to become a more attractive destination for wealthy retirees, thanks to its exceptional offerings, including the latest healthcare facilities.
3 min
The emirate is experiencing a surge in interest from affluent retirees globally, triggered by a significant update to the UAE Golden Visa program. This update removes the prior minimum upfront investment requirement for property purchases, sparking an increase in residential real estate inquiries among property technology companies in Dubai.
These outstanding offerings, along with world-class healthcare facilities, are key factors in attracting financially secure retirees looking for a new home.
Experts in the field report a rise in interest following the adjustment to the AED2 million property investment threshold for the 10-year Golden Visa. The Golden Visa scheme is recognized as a major attraction for global talent and investment in the UAE, with expectations for demand to surge further because of the recent policy change.
Experts also highlights the Golden Visa as a rewarding option for expatriate retirees, especially with the recent easing of the investment minimum. This has made Dubai an increasingly popular choice for retirees worldwide.
Senior executives in Dubai’s property and real estate consultancy sectors also note a growing enthusiasm among retirees to relocate to Dubai, following the UAE Government’s decision to eliminate the AED1 million minimum upfront payment for property purchases required for the Golden Visa, while keeping the property value standard at AED2 million for the visa.
Easier Access to Golden Visas Sparks Interest
The policy modification is expected to lower the entry barrier for obtaining Golden Visas, leading to an uptick in property transactions across Dubai and other real estate hotspots in the UAE like Abu Dhabi and Ras Al Khaimah.
Industry leaders view this change as transformative, widening the scope for Golden Visa eligibility through home ownership to a broader audience. The revision allows prospective buyers to secure a long-term residency visa with an initial down payment of just 20% for properties valued at a minimum of AED2 million, easing the financial load and streamlining the path to obtaining a Golden Visa.
Furthermore, the new policy facilitates the acquisition of a long-term visa with flexible payment plans for off-plan properties.
By facilitating Golden Visa acquisition through property ownership, the UAE is positioning itself as a magnet for international talent and investors over the long haul.
Diverse Housing Options Bolster Dubai’s Appeal
The decision to significantly lower the upfront payment required for property-based long-term residency visas, alongside the broad spectrum of housing options, cements Dubai’s status as a premier destination for affluent retirees, especially from the West. The average baby boomer, with a net worth of $1.2 million and either nearing or in retirement, represents a financially robust demographic with considerable economic influence.
Dubai’s safe environment, high-quality lifestyle, warm climate, and superior healthcare services meet all the criteria sought by these retirees. According to a recent Mercer report, the UAE stands to gain from encouraging more expatriates to consider retirement within its borders. Dubai’s wide range of residential offerings, from cozy apartments to luxurious villas, provides retirees ample choice, further enhancing its allure as a cosmopolitan city where individuals can efficiently manage their savings and enjoy the stability of a long-term visa.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
55-storey residential tower in Downtown Dubai
2 min
Fairmont Hotels & Resorts, a world-renowned luxury hotel brand within the Accor group, has partnered with UAE-based developer Sol Properties to unveil a prestigious residential development in Downtown Dubai, setting new standards in luxury real estate.
The 55-storey Fairmont Residences Solara Tower, the latest addition to Downtown Dubai’s skyline, offers breathtaking views of both the Burj Khalifa and the Dubai Fountain. Construction is currently in progress, with the project slated for completion by the third quarter of 2027.
This development seamlessly integrates Fairmont’s esteemed brand standards in luxury hospitality with Sol Properties‘ extensive expertise in high-end real estate, establishing new benchmarks in urban living. The residences feature meticulously designed spaces, blending elegance with timeless opulence.
Offering a range of spacious layouts and state-of-the-art amenities, these residences epitomize modern luxury living. Expansive terraces provide residents with stunning views of the Burj Khalifa and the iconic Dubai Fountain.
“We at Sol Properties and Fairmont Hotels & Resorts are elated to provide a completely new standard of luxury living in Downtown Dubai,” said its Founder and CEO Ajay Bhatia.
“Our goal is to provide residents with exclusive amenities and personalized services, thereby setting a new precedent for comfort and convenience for end users,” he stated.
“By combining Fairmont’s exceptional hospitality services with our integrated residential environment and attention to quality, this project is certain to offer residents unmatched lifestyle experiences,” he added.
Combining Fairmont’s exceptional hospitality services with Sol Properties’ commitment to quality, this project promises unparalleled lifestyle experiences. The residential development caters to the evolving needs of urban homeowners with a suite of premium amenities and services. Fairmont Solara Tower uniquely stands out by offering private swimming pools in selected apartments.
Residents will have exclusive access to a range of integrated amenities, including gourmet restaurants, fitness centers, and wellness facilities, providing a resort-like experience within their own homes.
Fairmont’s Global Chief Operating Officer Sami Nasser expressed excitement about adding this new branded residence to the Fairmont portfolio. “We are confident that our expertise in the field of luxury hospitality combined with our pioneer approach to residential projects will allow us to redefine the landscape of luxury residences in Dubai and the broader region,” he noted.
The project exemplifies the ongoing expansion and appeal of luxury living in Dubai, especially with the luxury residential real estate market projected to grow by more than 8% by 2029.
“Additonally, the project will redefine the concept of luxury residences with Dubai’s strategic location and investor-friendly regulations, which attract high-net-worth individuals and investors seeking to diversify their portfolios,” said Nasser.
Fairmont Residences Solara Tower Dubai joins a prestigious portfolio of 16 Fairmont-branded residences, with 22 more projects in the pipeline.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
