UAE Golden Visa rule changes could open doors for Dubai real estate investors, according to analysts. Find out how to apply, costs, what the experts say and more
Game-changing UAE Golden Visa rules will open doors for Dubai real estate investors property experts in the country have said.
Earlier this year it was announced that, in a bid to foster greater investor participation in the real estate sector and deepen ties with residents, the UAE government is scrapping the AED1m ($272,000) minimum down payment requirement for Golden Visa eligibility through real estate investment.
It was widely reported in local media that, as of January 24 of this year, the UAE abolished the minimum down payment requirement of AED1m ($272,000) or 50 per cent of the property’s value for the property Golden Visa.
UAE Golden Visa real estate boost
This means that, regardless of the down payment amount and the property’s status (off-plan, completed, mortgaged, or not mortgaged), investors can now qualify for a Golden Visa by owning a property worth AED2m ($545,000) or more.
The move has been welcomed by real estate experts in the city, who labelled the news “a game-changer”, which would “open doors for a diverse range” of investors in the UAE property market.
Soliman Hossameldin, Director of Digital Marketing of D&B Properties, said: “The UAE’s decision to eliminate the minimum down payment requirement is a game-changer for investors.
“It opens the door for a more diverse range of individuals to participate in the Golden Visa program, fostering a more inclusive and dynamic real estate landscape.”
Farooq Syed, CEO of Springfield Properties, a prominent real estate brokerage in Dubai, hailed the elimination of the AED1m ($272,000) minimum down payment as a significant step towards attracting foreign investment and catalysing growth in the real estate sector.
Syed said: “This not only benefits international investors but also bolsters the overall development and prosperity of the UAE economy.
“We anticipate that this progressive move will ignite a surge in interest in real estate investment opportunities across the UAE, propelling demand for residential and commercial properties.
“We eagerly anticipate the positive impact of this decision on the real estate sector and the broader economy”.
According to Swapnil Pillai, Associate Director of Research at Savills Middle East, the off-plan real estate sector is “likely to benefit the most,” from this new update.
“The off-plan segment is likely to benefit the most as competition intensifies on account of the significant jump in new launches. In 2023 alone, more than 47,000 units were launched, an increase of 90 percent year-on-year”.
Alina Adamco, the Head of Sales at Metropolitan Homes, said: “These updated guidelines offer greater flexibility for investors seeking Dubai’s coveted Golden Visa through property ownership and providing a massive boost to the economy.
“We believe this move by the government will further incentivise residents who are considering buying property in Dubai”.
Madhav Dhar, COO and founding member of ZāZEN Properties, said: “The UAE’s visionary decision to eliminate the AED1m down payment requirement for the golden visa program will strengthen Dubai’s real estate landscape.
“This bold move not only enhances accessibility for current and new investors by enabling them to cement Dubai as their secondary home or primary base but it also injects fresh vitality into the market by allowing them to take advantage of world-class infrastructure and global connectivity.
“By facilitating easier entry for investors and stimulating demand, the UAE has positioned itself as a global leader in fostering a resilient and competitive real estate sector.
“This forward-looking policy underscores the country’s dedication to innovation and growth and we anticipate this change to have a profound and positive impact on the industry, paving the way for a new era of opportunities and sustainable development.”
What is a UAE Golden Visa?
According to the official UAE government portal, the Golden Visa “is a long-term residence visa which enables foreign talents to live, work or study in the UAE while enjoying exclusive benefits which include:
- “An entry visa for six months with multiple entries to proceed with residence issuance
- “A long-term, renewable residence visa valid for five or 10 years
- “The privilege of not needing a sponsor
- “The ability to stay outside the UAE for more than the usual period of six months in order to keep their residence visa valid
- “The ability to sponsor their family members, including spouses and children regardless of their ages
- “The ability to sponsor unlimited number of domestic helpers
- “The permit for family members to stay in the UAE until the end of their permit duration, if the primary holder of the Golden visa passes away”
UAE Golden visa real estate requirements
Requirements for a Golden Visa vary depending on the applicants status as an investor inventor, special talent or entrepreneur.
To be eligible for a United Arab Emirates Golden Visa under the revised rules, real estate investors must:
- Provide a letter from the land department of the respective emirate confirming ownership of one or more properties valued at no less than AED2m ($545,000)
- Acquire a property through a loan from specific local banks approved by the competent local entity
While the minimum payment requirement has been abolished, the final approval of the Golden Visa application is subject to the land department’s consideration on a case-by-case basis.
Where to apply for a UAE Golden Visa?
Golden visa applications can be made at:
- Abu Dhabi Residents Office
- Authorised typing centres
- Customer happiness centres
- GDRFAD website
- ICP official website
- UAEICP phone application
How to apply for a UAE real estate investor golden visa
In a detailed blog post recently added to the Property Finder website, the following steps were identified to apply for a real estate investor golden visa.
Read more: https://www.arabianbusiness.com/industries/real-estate/uae-golden-visa-272000-rule-change-dubai-real-estate-boost-how-to-apply-costs-explained-property-expert-analysis
