Booming Dubai Property Market Drives Demand for UAE Golden Visa

Booming Dubai Property Market Drives Demand for UAE Golden Visa

28 March 2023, Pro Pakistani

UAE’s long-term residency permit, Golden Visa, is currently the most popular option among foreigners looking to invest in Dubai’s growing property market, which recorded deals worth AED 10.1 billion ($2.8 billion) last week.

Last year in November, around 100,000 golden visas were issued, which is an increase of 35% compared to the earlier period of 2022. Recently, wealthy Indians have also shown interest in UAE Golden Visa, particularly after some European countries, including Portugal, scrapped their long-term residency permit.

Investors who are buying property in the UAE have the option to apply for a Golden Visa, which grants them 10 years of residency in the country. This applies to those who are buying property off-plan or with a mortgage, and the property should be worth at least AED 2 million.

According to Lynnette Sacchetto, a UAE-based Real Estate Consultant, by purchasing a secondary or off-plan property, which can also be mortgaged, one can now get a Golden Visa. This rule covers most common scenarios, making it easier for property buyers to apply for a residency permit, he added. Besides, UAE has also massively reduced the amount of investment required to get a Golden Visa.

How to Apply for Golden Visa as a Real Estate Investor
Property investors can apply for this long-term residency permit via Dubai Land Department (DLD) in four simple steps, which are as follows:

Visit DLD’s Service Centre.
Submit mandatory documents and pay fees.
After which, a medical examination is carried out at the center.
Visa stamp on the passport.

Documents Required
Valid passport.
Softcopy of title deed certificate.
Photo.
Health insurance.
Emirates ID (original).
Investment Criteria for a 10-year Golden Visa
The applicant must own a property or a share in a property worth at least AED 2 million.
If the property is mortgaged, the applicant must have paid off at least AED 2 million of the property value to the bank. The applicant must also provide a NOC letter and a paid amount letter in this case.
A husband and wife can share ownership of a property, but they must provide a marriage certificate as proof.

×

Hello!

Click one of our contacts below to chat on WhatsApp

× How can we help you?