Property bans are spreading across the globe, and a new one-year ban in South Korea is just the latest to highlight Dubai’s move in the opposite direction, according to remarks released on Tuesday by Juwai IQI Co-Founder and Group CEO Kashif Ansari. Dubai is reaping the rewards of doubling down on openness through faster economic growth and at least Dhs22 billion in new government revenue.

“From Vancouver to Seoul, governments are curbing foreign property purchases in response to public pressure over housing affordability,” said Ansari.

Dubai is embracing investment and reinforcing its reputation as a safe haven. In the last two years, the emirate has taken a number of steps to welcome still more new residents, loosened visa terms, and made property investment easier.

“Since 2021, Dubai has more than quadrupled its Golden Visa issuance, from 41,000 in 2021 to 158,000 in 2023.  In early 2024, authorities removed the Dhs  1 million down payment requirement, making it possible to access property-based visas even with mortgages. That effectively doubled the number of eligible buyers overnight.

“Dubai’s open-door policy and the closed-gate policies of most countries will ensure those golden visa numbers keep growing.

“For proof that foreign investors and residents benefit Dubai’s local economy, you only have to look at the massive government revenue streams Dubai collects.

“In 2024, Dubai earned Dhs 20.9 billion in property transfer and registration fees  and an estimated Dhs 750 million – Dhs900 million in Golden Visa fees.  Not all of this comes from foreign buyers, but they do represent a large share of premium property transactions, especially in newly developed areas and off-plan sales.

“In addition, state-linked developers like Nakheel and Dubai Holding generate billions in indirect revenue, further amplifying the economic impact of property-led migration.

“This revenue helps fund transport infrastructure, digital services, and public programmes, all without relying on income or capital gains taxes.

“In a world of closed doors, Dubai is nearly the only country that has propped its door wide open.

“New Zealand and Saudi Arabia are the rare exceptions. New Zealand recently softened its foreign buyer ban and launched a successful new Golden Visa program that has already attracted nearly Dhs 2 billion in proposed investment.  

“In a divided world, Dubai’s bet on inclusiveness may be its greatest competitive edge. Dubai is doing what few others are willing to. Staying open and making that openness easier to access. In today’s fragmented world are the smartest move a city can make.”  Ansari concluded.