Property buyers in Dubai are no longer obligated to make a minimum down payment of Dh1 million to qualify for the Golden Visa, as the government has relaxed the criteria for real estate investors.
If the property’s value exceeds Dh2 million, owners opting for a payment plan or mortgage can apply for the long-term visa.
The owner can apply for the 10-year residency regardless of the amount paid upfront, as explained by Firosekhan, managing director of Dubai-based Profound Business Service.
Off-plan properties could be considered on a case-to-case basis. Applicants need to submit the title deed of the property, a letter from the developer or mortgage document from the bank, and their passport copy along with a photograph.
Similar to all Golden Visa holders, owners can sponsor their spouses, children, and parents for the same 10-year period.
The minimum payment of Dh1 million is no longer required. The eligibility criterion now only requires the property to have a value of Dh2 million or more for investors to obtain the Golden Visa.
This opens the visa option to everybody who has a mortgage.
This change would benefit many buyers and end-users, making the Golden Visa option accessible to almost everyone who has bought a property because most options in Dubai are valued at more than Dh2 million.
Payment plans for Dubai-based homes range from 1 percent monthly to five- to 25-year schemes after an initial down payment. When it comes to mortgages, up to 80 percent of the property value can be financed.
Property prices in the UAE, especially Dubai, have increased substantially in the past couple of years, reaching their peak in 2023. Led by the luxury segment, prices have almost doubled in some high-demand areas such as Palm Jumeirah and Downtown.
According to real estate consultancy and advisory firm ValuStrat, cash buyers make up the vast majority of transactions in Dubai. In the third quarter of 2023, the Dubai real estate market witnessed 8,238 mortgage transactions compared to 16,485 cash deals. However, property buyers opting for mortgages in 2024 are set to increase as interest rates are expected to drop by up to 100 basis points.
Key Benefits of UAE Golden Visa:
- Long-term residency in the UAE for up to 10 years.
- No requirement for a national sponsor or employer to apply for the visa.
- The ability to sponsor your family members and dependents.
- The freedom to live, work, and study in the UAE without any restrictions.
- Access to world-class healthcare, education, and infrastructure.