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
A bold new corporate restructure to achieve its ambitious $27 billion portfolio goal
2 min
Omniyat, a distinguished name in Dubai’s ultra-luxury real estate sector, has embarked on a transformative journey by unveiling a new corporate structure under the newly formed Omniyat Group. This strategic move aims to unify and drive success across its various branded companies, setting an ambitious target of a AED100 billion ($27 billion) total group portfolio over the next five years.
This announcement signifies a pivotal moment for Omniyat Group, reaffirming its dedication to reshaping the real estate landscape not only in Dubai but across the broader region. As part of its growth strategy, Omniyat plans to significantly expand its footprint in the ultra-luxury real estate segment, aiming for a total portfolio value of AED50 billion.
Established in 2005 by Executive Chairman Mahdi Amjad, Omniyat was conceived with the vision of revolutionizing the Dubai property market through the creation of unique living experiences. The company has consistently elevated the standards in real estate, driven by a policy of strategic diversification that has enabled it to explore various market segments.
In line with this strategy, Omniyat Group is set to announce a new real estate company in Q3 2024. This new venture will be part of a commitment to invest AED50 billion in new real estate divisions targeting multiple market segments. This initiative underscores Omniyat’s ongoing commitment to understanding market demands and delivering on its bold vision to be “the best in class, in every class.”
By continuously evolving and adapting to market needs, Omniyat Group stands poised to lead the future of real estate in the region, setting new benchmarks in luxury and innovation.
Commenting on the launch, Amjad said: “Nineteen years ago, I founded Omniyat with a clear mission to achieve the unprecedented in Dubai’s real estate sector. A city of superlatives, Dubai is globally renowned for its remarkable story of progress and achievement, and we wanted to bring iconic projects to Dubai’s skyline that stood apart for their design, innovation, and artistry.”
“Encouraged by the UAE’s robust growth and long-term vision and inspired by the success of our ultra-luxury brand, I am establishing Omniyat Group to invest in other brands and companies to address different segments of the UAE’s strong growing real estate market with an uncompromising principle of ‘Best in class, in every class’ we address.”
“Today, Omniyat Group has been announced to drive forward our mission to elevate the people at the heart of our business and contribute to a better life and environment for all stakeholders, employees, clients, and their loved ones,” he stated.
“Guided by an unwavering commitment to excellence, we will continuously strive to raise standards and curate experiences that make life better, in every sector we engage in,” he added.
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
