Wealthy ‘retirees’ flock to Dubai after $272,000 rule change | Kanebridge News
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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.

Wed, Mar 27, 2024 4:21pmGrey Clock 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.



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Tonino Lamborghini Unveils New Luxury Residences in Ras Al Khaimah

Tonino Lamborghini recently revealed a new luxury project comprising 241 units in Ras Al Khaimah, developed in partnership with Arista Developments.

Tue, May 21, 2024 2 min

Named the Tonino Lamborghini Residences, this project promises a fresh take on luxury living with its iconic design, cutting-edge amenities, and stunning sea views.

Set on Al Marjan Island, the development is adding 241 high-end units to the area’s real estate offerings, all reflecting the sleek, Italian elegance associated with the Lamborghini name.

These residences are designed to impress, featuring modern architecture that harmonizes with the scenic surroundings and interiors marked by meticulous craftsmanship and top-quality finishes.

Living in this one of the project’s units means access to a range of upscale amenities: a state-of-the-art fitness center, multiple swimming pools, beautifully landscaped gardens, and dedicated areas for children’s play. The complex also offers a business center with a conference room, an outdoor BBQ area, and a chic café, catering to all aspects of high-end living.

Arch. Abdulla Al Abdouli, Chief Executive Officer, Marjan, expressed excitement about the introduction of Tonino Lamborghini Residences to Al Marjan Island, noting the project’s blend of sustainable construction and smart home technologies. This integration, he mentioned, guarantees a luxurious lifestyle equipped with the finest modern amenities, reflecting the exquisite Italian craftsmanship. He is confident that this new venture with Arista Developments will significantly boost the allure of Al Marjan Island as a top lifestyle destination in Ras Al Khaimah for both investors and residents.

Tonino Lamborghini, President of the Tonino Lamborghini brand, said: “We are delighted to be among the pioneers in this remarkable new destination in one of the seven emirates of the UAE. Our heartfelt gratitude and recognition go to H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, for his visionary leadership and foresight, and for embracing innovative strategies to revitalize a region full of potential.”

Mr. Arthur Chu, Chairman of Arista Developments, highlighted the project’s ambition to capture the essence of the Tonino Lamborghini brand in every aspect of its design. He described the development of a prestigious residential tower on Al Marjan Island that will reflect the lifestyle and beauty synonymous with Lamborghini. From the sharp, well-defined lines of the exterior to the elegantly designed interior common areas, every detail is crafted to showcase the brand’s distinctive elegance and sophistication. Chu emphasized that the interior designs, personally crafted by Tonino Lamborghini, aim to fully immerse residents in the Italian brand’s luxurious identity.

The variety in housing options is vast, ranging from one and two-bedroom apartments to duplexes, sea view villas, signature villas, and exclusive penthouses.

The collaboration between Tonino Lamborghini and Arista Developments blends iconic Italian style with expert real estate craftsmanship. This venture marks Lamborghini’s first introduction to Ras Al Khaimah and represents a commitment to setting new standards in luxury and modern living.

 

MOST POPULAR

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

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