Why Residents with UAE’s Golden Visa are Seeking Community Living?
Residents in the UAE are increasingly interested in constructing their homes and lives in communities, as property investments have facilitated their acquisition of the 10-year Golden Visa visa. The real estate marketplace Property Finder has published a white paper that indicates a significant change in the property landscape, which is becoming more community-oriented.
In recent years, the UAE has implemented numerous modifications to its residency regulations. These visas encompass multiple-entry visit visas and long-term residency visas for exceptional talents, entrepreneurs, and investors. Individuals are seeking a sense of belonging in the country, whether they are permanently residing there or returning on a regular basis, according to experts.
Michael Lahyani, the founder and CEO of Property Finder, stated, “People have a profound social connection to a community.” “Especially given that they are gearing up to remain in the UAE for an extended period. We no longer possess visas that are valid for two or three years. Currently, the visas are 10-year (Golden) visas. People are aware that they will be present for a decade, likely two, and potentially indefinitely. Consequently, it is crucial to establish their own community in this location.”
In the intro to the whitepaper, Lahyani cites “culturally integrated community living” as the most significant request from the majority of respondents to a survey that the company conducted. “Despite being located in the heart of uninhabited desert landscapes, we see how new villages are easily incorporated into the metropolis as the infrastructure keeps changing. We are increasingly observing that the initial point of entry for a consumer is not a single building, but a multifaceted neighbourhood that establishes a sense of belonging from the very beginning. Today, the wish list includes spacious living areas, water views, greenery, sustainability, and conveniences.”
Mixed-use communities
According to Property Finder research, end customers choose mixed-use communities with amenities designed around metro connectivity.
“Some bike- and walk-friendly districts in Dubai “outperform the wider market, showing price increases of 26.7% on average, compared to an average overall increase in all properties of 24.1% between Q1 2010 and Q4 2022,” the company wrote in its whitepaper. “Even if the average rental rates of all homes may have decreased, properties in these developments also command up to 11% higher rental growth.”
Palm Jumeirah, Emirates Hills, Al Barari, Jumeirah Golf Estates, Jumeirah Bay Island, Emaar Beachfront, Downtown, Business Bay, District One, and Dubai Hills Estate are some of the city’s most important mixed-use neighborhoods.
In addition to providing “not only an exclusive lifestyle,” Abu Dhabi’s Saadiyat Island, Reem Island, Al Raha, Al Bateen, and Abu Dhabi Gate City are home to gated communities such Jawaher Al Saadiyat, Nalaya Villas, Mangrove Village, the Hills, and Al Raha Golf Gardens, among others.
Green open spaces
In order to experience community living, Dubai residents are prepared to relocate to areas that are more remote from the city, according to Shabna. “People are willing to make the sacrifice, even if it means driving slightly longer or the space is not as convenient as an apartment,” she stated. “They desire the open spaces, jogging tracks, and all other amenities that a community has to offer.” Particularly for those with children, the community’s gated structure ensures that children are safer when they are permitted to play independently or cycle around.
The results of the white paper, which was compiled in conjunction with other industry professionals, indicate that certain communities outperform others. The report indicates that there is a high demand for communities that offer properties with expansive layouts that can be customized. In terms of price and popularity, neighborhoods that are cycle-friendly and walkable outperform the broader market in Dubai. Consumers are also seeking sustainable and affordable living spaces.
Cherif Sleiman, the chief revenue officer at Property Finder, stated, “There is a necessity for a variety of price points.” “People should not be restricted to a specific economic status in order to appreciate the benefits of community living. The planning of future communities is influenced by this. It is also necessary to accommodate the requirements of families of varying sizes and nationalities. Therefore, in order to prepare for the future, it is necessary to have a diverse selection of housing options, including studios and large estates, all of which are conveniently located within a mixed-use community.”
Conclusion
The UAE’s Golden Visa, offering a 10-year residency permit, has significantly impacted resident priorities. Property Finder’s white paper highlights a shift towards community-oriented living.
This trend is driven by a desire for a deeper sense of belonging, with residents viewing the UAE as their long-term home. Families are particularly drawn to the safety and security of gated communities, along with the convenience of on-site amenities like pools, gyms, and entertainment facilities.
Furthermore, strategically located communities with easy access to public transportation hold significant appeal for those planning a long-term stay. The focus has shifted from short-term convenience to building a life within a supportive and vibrant community.
Looking ahead, the real estate market is expected to cater to this growing demand. Mixed-use communities with walkable/bike-friendly layouts and strong metro connectivity are likely to be highly sought-after. Sustainability, spacious living areas, and access to green spaces will also be key factors for residents seeking a well-rounded community experience.
Ultimately, the Golden Visa has empowered residents to prioritise lifestyle choices that foster a sense of belonging and connection within the UAE. This shift in priorities presents exciting opportunities for developers to create innovative and community-focused living spaces.