[ad_1]
Foreigners can obtain long-term residency by investing in real estate with no less than 2 million dirhams
In April 2022, the UAE visa and residence system announced that real estate investors can obtain a golden visa by purchasing real estate with a value of not less than 2 million dirhams. This has encouraged many Dubai residents to invest or consolidate their properties in order to reach the AED 2 million milestone to qualify for long-term residency.
Real estate executives and investors who were granted golden visas for buying properties worth Dh2 million acknowledged that golden visas would incentivize people to buy more and be a good tool for retaining Dubains after Expo 2020.
“Golden visas are a cherry on top of the cake, incentivizing people to buy more. Golden visas are also a great tool to retain talent after Expo 2020 Dubai. People used to buy a bedroom, now they are trying to seal a deal to reach the Dh2 million mark so that they can get the golden visa,” said Imran Farooq, CEO of Samana Developers.
He said there had been an increase in demand for two-bedroom units, while many investors had also purchased two one-bedroom units, with prices reaching Dh2 million.
“We’ve seen about 35% to 40% of our clients combine two properties to reach the AED 2 million milestone to get the golden visa. When it comes to the top buyers for the golden visa, it’s mostly Europeans, Africans and Commonwealth of Independent States (CIS) nationals,” 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.
Buy a property to get a Golden Visa
Nigerian national Paul (name changed on request) said he bought multiple properties from different developers in Dubai, making him eligible for the Golden Visa.
Yuan Li (also changed his name upon request), a Chinese national, owns three properties in Dubai. “The main reason for buying a property is to get a golden visa. I have 3-4 million dirhams and want to get a golden visa by investing in a property. I bought one in the city center and two near Miracle Garden,” Lee said. Say.
Golden visa through real estate investment:
— Buying a property worth AED 2 million or more
– Combined or combined properties with a total value of AED 2 million or more
– Invest in at least AED2 million off-plan and pay in installments – so they don’t have to invest a lump sum
– Loans from local banks, provided the property value is at least AED 2 million
— Married couples who are jointly investing in property worth AED 2 million to meet the eligibility criteria
This applies to properties purchased from approved developers according to the announcement.
Samana CEO Imran Farooq
Imran Farooq, CEO of Samana, added that the overall momentum in the real estate sector in Dubai is very good and the Golden Visa is helping to set more property market records. Additionally, 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 that they have received a large number of inquiries from customers about buying properties to obtain a golden visa. “We expect golden visas to be a big driver for investors to buy property in the UAE. Over a period of time, we will see more and more investments for this reason.”
Also read:
Youssef added that the law allows people to combine properties to obtain a golden visa. “This encourages people to invest in more properties. For example, if a person previously owned less than a million properties, they are now considering buying additional properties to make up the rest.”
He added that Indians, Pakistanis and Arabs were the ethnic groups that applied for the most golden visas.
Rizwan Sajan, Founder and Chairman, Danube Group
Rizwan Sajan, founder and chairman of Danube Group, said that the golden visa and residence visa linked to property ownership would certainly attract investment into the UAE’s real estate market, although there are many other good reasons for foreigners to buy property.
“The real estate market in Dubai, for example, offers one of the highest rates of return in terms of rental yields, plus the appreciation in the value of the property makes the investment a very lucrative proposition. In addition, the quality of life, world-class infrastructure, security The environment and global connectivity make real estate investment in the UAE a smart choice. Golden visas and residency visas are additional advantages for investors,” added Sajan.
Source: Coldwell Banker UAE, KT Research
– waheedabbas@khaleejtimes.com
[ad_2]
Source link
