The property investors in Dubai can now avail three years visa with a minimum investment of Dh750,000 against Dh1 million required earlier, an official notification on the website of the Dubai Land Department (DLD) says. Previously the investor visa used to have a validity of 2 years and has also been extended now.
The visa facility is made available to the property investors by DLD through Taskeen Programme when an individual owns a property valued at a minimum of Dh750,000. The visa is renewable on the expiration of validity after three years.
This is a much awaited and highly welcome move to the real estate developers who demanded a long-term property visa for reviving the languishing real estate market. It is believed that the reduction in minimum investment amount would be an added advantage for real estate developers and help improve the sentiment of global investors willing to participate in Dubai’s flourishing real estate market during the historic event of Dubai Expo 2020. The property developers can see an increase in demand which in turn will boost the construction sector.
The government move has also been seen as timely and strategic as it would attract wealthy individuals in the middle east, many of whom are witnessing a growing geopolitical instability in the region, to own permanent residential property in Dubai and UAE for long term prospects and stability and would be an additional stimulus for the country’s economic growth.
For wealthy families across the world, Dubai is already well known for its high standards of living, world-class healthcare facilities, highest standards of safety, economic stability, ease of doing business, and with the roll-out of this new scheme, it shall further promote its competitiveness amongst the global investors and facilitate the business establishment and new company formation in Dubai.
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.