Dubai’s Golden Visa Program Attracting Global Investors to Office Properties

“Bloomberg” highlighted the positive results of the golden residency in Dubai and its impact on the recovery of commercial real estate at a time when the sector was suffering from a recession worldwide.

According to “Bloomberg”, the golden residency is an attractive factor for expatriates and encourages some of them to start businesses.

This has already happened.

Regarding the scale of the transformation, “Bloomberg” cited official data indicating an expansion of commercial activity in Dubai, including the number of active commercial licenses in 2023, which reached 411,802 licenses, a 30% jump from 2022 levels and a 75% increase from 2021.

Also, the number of entities registered in the Dubai Financial Center increased by 26% in 2023 compared to the previous year to more than 5,500, with an increase in the number of employees now standing at around 41,600 – a 15% increase.

Bloomberg says that the positive impact is more evident in the commercial real estate market in the emirate, where the occupancy rate has reached record levels unlike the decline in demand in other cities around the world, including London and New York.

Meanwhile, office spaces in Dubai’s financial district remain scarce and rents are still rising.

Bloomberg mentioned that the most famous tower in the Dubai International Financial Center is among the best performing assets of Brookfield globally, at a time when other assets have been affected by declining occupancy, including in Los Angeles, Canary Wharf in London.