Dubai’s real estate market has surged in the first quarter, driven by the Golden Visa program. In the first quarter, nearly 31,000 homes sold in Dubai, up 50% from a year ago, according to the latest data from “There are two drivers here—sustained luxury home demand and the golden visa program finding new takers.

Last year, Dubai lowered the property investment limit for 10-year visas to AED 2 million (US$533,000) from AED 10 million, which instantly attracted a swathe of overseas buyers.