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Expats can obtain long-term residency when they invest in properties worth not less than Dh2 million
In April 2022, the UAE visa residency system announced that real estate investors can obtain golden visas when purchasing properties with a value of not less than Dh2 million. This has encouraged many Dubai residents to invest or consolidate their properties to reach the AED2 million milestone, thereby qualifying for long-term residency.
Real estate industry executives and investors who have been awarded golden visas for their purchases of Dh2 million worth of properties admit that golden visas can motivate people to buy more properties and are a good tool to retain Dubains after Expo 2020.
“The golden visa is the cherry on the cake and can motivate people to buy more. The golden visa is also a great tool to retain talent after Expo 2020 Dubai. Previously, people used to buy a bedroom, and now they are trying to strike a deal that hits the Dh2 million mark in order to get a golden visa.
Demand for two-bedroom units has increased, while many investors have also bought two one-bedrooms for Dh2 million, he said.
“We’ve seen around 35% to 40% of our clients combine two properties to reach the AED2 million milestone for a golden visa. When it comes to the top buyers of golden visas, it’s mainly Europeans, Africans and nationals of the Commonwealth of Independent States (CIS),” he said.
The company has set up a one-stop service to assist clients in obtaining golden visas, and has helped arrange about 80 clients to obtain golden visas.
The Dubai-based developer has launched six projects so far and plans to launch two more in July-August.
Buying a property and getting a golden visa
Nigerian national Paul (name changed on request) said he had purchased multiple properties from different developers in Dubai that made him eligible for a golden visa.
Chinese national Yuan Li (who also changed her name on request) owns three properties in Dubai. “The main reason to buy a property is to get a golden visa. I have AED 3-4 million and want to get a golden visa by investing in real estate. I bought one in the city centre and two near Miracle Garden,” Lee said Say.
Obtaining a Golden Visa by Investing in Real Estate:
— Purchase of property valued at Dh2 million or more
— Consolidation or consolidation of properties with a total value of AED 2 million or more
— Invest in off-the-plan properties worth at least Dh2 million and pay in instalments – so they don’t have to invest a lump sum
— Loan from a local bank, provided the property is worth at least AED 2 million
— Married couples are jointly investing in property worth AED 2 million to meet the eligibility criteria
This applies to properties purchased from an approved developer under the announcement.
Samana CEO Imran Farooq
Samana CEO Imran Farooq added that the overall momentum of the Dubai real estate sector is very good and Golden Visa is helping to set more real estate records in the market. Furthermore, the successful response to the Covid-19 pandemic has also encouraged investors to choose Dubai as a destination.
Ayman Youssef, Vice President, Coldwell Banker, UAE.
Ayman Youssef, vice president of Coldwell Banker in the UAE, said they have received many inquiries from clients about buying property to obtain a golden visa. “We expect golden visas to be an important driver for investors to buy property in the UAE. Over time, we will see more and more investments made as a result.”
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Youssef added that the law allows people to consolidate properties to obtain golden visas. “This has encouraged people to invest in additional properties. For example, if a person previously owned less than a million, they are now looking at buying additional properties to make up the remainder.”
He added that Indians, Pakistanis and Arabs are among the main countries applying for golden visas.
Rizwan Sajan, founder and chairman of the Danube Group
Rizwan Sajan, founder and chairman of Danube Group, said that golden visas and residence visas related to property ownership are undoubtedly attracting investment in the UAE real estate market, although there are many other good reasons for foreigners to buy property.
“For example, Dubai’s real estate market offers one of the highest returns in terms of rental yields, in addition, the appreciating value of real estate makes investing a very lucrative proposition. Also, quality of life, world-class infrastructure, safe environment And global connectivity makes real estate investment in the UAE a smart choice. Golden visas and residence visas add an edge to investors,” added Sajan.
Source: Coldwell Banker UAE, KT Research
-waheedabbas@khaleejtimes.com
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