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Golden Visa demand skyrockets as Dubai property market keeps to boom

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The property market in Dubai has continued to boom throughout 2023. Last week, the emirate posted transactions worth more than AED10.1 billion ($2.8 billion) in just one week from a total of 3,903 transactions during the week ended March 17.

The city’s land department report revealed that 208 plots were sold for AED1.12 billion ($305 million), while 2,906 apartment and villa sales totalled AED6.25 billion ($1.7 billion).

Some areas of Dubai experienced huge upswell in value in 2022, with property prices more than doubling in high demand luxury locations like Palm Jumeriah.

The continued boom in the emirate’s real estate market comes after the UAE reformed its visa process in 2021. These reforms included making it easier for residents to apply for a Golden Visa.

The programme has proved to highly popular. In November last year, sources revealed that over 100,000 Golden Visas had been issued, a 35 percent increase from earlier in 2022.

More recently, demand from cash-rich Indians for UAE Golden Visa has been said to be seeing a sudden spike as some of the European Union nations phase out their Golden Visa programmes or tighten real estate investment rules for citizenship seekers.

Those purchasing property off-plan or with a mortgage now have the option to obtain 10-year residency in the UAE through a Golden Visa.

The fact that you can get a Golden Visa now when purchasing a secondary or off-plan property for AED2million which can be mortgaged pretty much covers all common scenarios for not only investors but also for UAE residents who own property.

The UAE also significantly dropped the amount of property investment required to obtain the Golden Visa. The new rules also don’t include any specifications on the property transactions – whether the units are or ready off-plan or paid through a mortgage or in cash.

Here’s how you can apply for a Golden Visa through property investment:

Dubai Land Department

Real estate investors can apply for a Golden Visa through the Dubai Land Department (DLD).

Step 1: The customer visits one of DLD’s Service Centres

Step 2: The customer submits required documents and pays fees

Step 3: The medical examination is conducted in the centre

Step 4: Visa stamping on the passport

Required documents:

  1. Passport
  2. Availability of an electronic copy of the title deed certificate
  3. Personal photo
  4. Valid health insurance
  5. Original Emirates ID

Investment terms

Investor visa 10 years:

  1. Minimum AED2 million value property or owned share (one property or more) under the applicant’s name
  2. In case the property is mortgaged, at least AED2 million of property value must be paid to the bank. A NOC letter and paid amount letter are also required in this case.
  3. Husband and wife can share in one property, but a marriage certificate is required.

Source: Arabian Business