UAE’s removal of minimum down payment for golden visas paves the way for diverse investor opportunities

UAE’s removal of minimum down payment for golden visas paves the way for diverse investor opportunities

15 February 2024, ZAWYA

United Arab Emirates, Dubai: In a bid to foster greater investor participation and deepen ties with residents, the UAE government is reported to be considering scrapping the Dh1 million ($272,294) minimum down payment requirement for golden visa eligibility through real estate investment.

Farooq Syed, CEO of Springfield Properties, a prominent real estate brokerage in Dubai, has hailed the potential elimination of the AED 1 million minimum down payment for real estate investments to qualify for golden visas as a significant step towards attracting foreign investment and catalysing growth in the real estate sector.

Syed remarked, “The removal of this financial threshold widens the doors for a more diverse pool of investors, fostering increased engagement in the property market. This not only benefits international investors but also bolsters the overall development and prosperity of the UAE economy.”

Recent figures from Dubai Land Department reveal that the emirate’s real estate market has reached unprecedented heights, witnessing 1.6 million transactions in the previous year, reflecting a notable 17% surge compared to the preceding year. Transaction values skyrocketed to Dh634 billion ($172.6 billion), with 166,400 deals in 2023, marking a remarkable 20% and 36% increase in value and volume, respectively.

“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. As a forward-thinking company, we are poised to adapt to these evolving market dynamics, offering tailored real estate solutions to meet the diverse needs of investors and residents alike,” added Syed.

Investment inflows witnessed a remarkable 55% surge, with 42% of new investors originating from international markets, underscoring Dubai’s global allure.

“The potential elimination of the minimum down payment requirement is in alignment with the UAE’s vision of cultivating a business-friendly ecosystem and positioning itself as a leading global hub for investment and innovation. We eagerly anticipate the positive impact of this decision on the real estate sector and the broader economy,” Syed emphasised.

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