Dubai's "Golden Visa": New Rules for Real Estate Investors
In response to the growing interest in the real estate market and the attraction of foreign investments, the Dubai government has announced revolutionary changes to the "Golden Visa" program. These innovations, aimed at easing the requirements for foreign buyers and real estate investors, promise to significantly simplify the process of obtaining long-term residency in the UAE. The updated conditions, reflecting Dubai's ambition to become even more attractive and accessible to international capital, offer more flexible criteria for obtaining the coveted "Golden Visa". Let's examine the key aspects of these new developments.
Main Changes:
- The minimum initial deposit of 1 million dirhams has been abolished.
- Investors who have purchased property worth more than 2 million dirhams can obtain the "Golden Visa", even if they have opted for installment payments or a mortgage.
- The amount paid upfront does not affect the visa application.
- Acquiring property under construction is also eligible for the "Golden Visa". Applicants must provide proof of ownership, including a letter from the developer or a mortgage agreement, as well as a copy of their passport with a photo.
- "Golden Visa" holders can sponsor their spouses, children, and parents for the same duration.
According to an analysis by ValuStrat, a consultancy specializing in real estate, a large portion of real estate transactions in Dubai are conducted in cash. During the third quarter of 2023, there were 8,238 mortgage transactions recorded, compared to 16,485 cash transactions. The number of mortgage transactions is expected to increase in 2024 due to an anticipated decrease in interest rates by 100 basis points.
Installment plans offered by developers in Dubai provide a variety of terms, starting from 1% per month, with the possibility of financing up to 80% of the property value.
It's noteworthy that the Dubai real estate market has shown significant price growth in 2023, with luxury properties in areas like Palm Jumeirah and Downtown Dubai being particularly in demand.
Dubai's "Golden Visa" is an excellent option for those looking to:
Invest in Dubai's real estate.
Secure a long-term visa for themselves and their family.
Live in one of the world's most prestigious and dynamically developing cities.
If you are interested in obtaining Dubai's "Golden Visa", contact us!
With Major Real Estate, obtaining Dubai's "Golden Visa" becomes a simple and clear process! Our specialists will assist you in selecting the suitable property and completing all necessary documentation.
