Dubai Reduces Investment Amount and Extends Validity of Visa Period for Property Investors

Increased participation of entry-level buyers is expected for Dubai real estate assets and would present an opportunity to the real estate developers in selling off their existing properties and freeing up their blocked capital for new projects. Though it would take some time to correctly ascertain the exact ramifications of this move, it is unequivocally agreed by all quarters associated with Dubai Properties that the confidence of property developers in Dubai will be many times boosted on the back of extension of visa validity.

The Dubai real estate sector has started showing signs of recovery after being severely hit by the pandemic as almost 10% of expatriates had to leave Dubai due to job losses and many residential properties stayed vacant amidst a fall in real estate prices.

Emaar Properties, one of the biggest property developers In Dubai witnessed its sales skyrocket to a new high of USD 2.63 billion during the second quarter of 2021 and the official sales price index released by the DLD was also seen rising. August 2021 recorded the highest property sales of almost 4 billion USD last achieved more than a decade ago.

Dubai residency law mandates certain documents for investor visa application including the passport of the investor and an electronic copy of the title deed certificate. Owning a property with a minimum value of Dh750,000 is also mandatory for the applicant. For mortgaged properties, 50% of the property value or a minimum of Dh750,000 payment must be made to the bank. A mortgage bank statement along with a no objection letter in Arabic is needed for the visa application process. As the visa application process varies from emirate to emirate, involves several steps and can be overly complex at times needing expert knowledge on Dubai residency law, professional Dubai based Investor visa services are normally recommended for speedy visa processing and future follow-ups with the General Directorate of Residency and Foreign Affairs ( GDRFA), Dubai.

Dubai issues golden visas which are also long-term UAE investor visas only issued to eligible investors for a five or ten-year residency based on the size of their investment in the UAE and sponsor an investor’s spouse, children, one manager and one advisor.

While the 10-year residency visa applies to investors of at least Dh10 million, a 5-year residency visa needs a minimum investment of Dh 5 million. The long-term investor visa also mandates an additional set of requirements established by the GDRFA-Dubai and visas are granted to selected individuals belonging to specialized fields such as technical, research, science, medicine etc.