In a recent development, Dubai has introduced significant changes to its Golden Visa program, specifically targeting property investors. The criteria have been adjusted, eliminating the previous requirement of a minimum down payment of Dh1 million.
New Criteria
The revised criteria now stipulate that property owners seeking the Golden Visa must own a property with a value of Dh2 million or more. Importantly, this applies irrespective of the upfront payment amount, making the Golden Visa accessible to a wider audience.
Inclusion of Payment Plans and Mortgages
An important shift in the new regulations is that even those opting for payment plans or mortgages can now apply for the coveted 10-year residency visa. The minimum equity investment has been eliminated, allowing individuals who pay 20% of the property’s value through mortgages to be eligible for the visa.
Simplified Application Process
The application process has been streamlined, requiring essential documents such as the property’s title deed, a developer’s letter, or a mortgage document from the bank. Additionally, applicants need to submit their passport copy and a photograph.
Benefits for Buyers and End-Users
The relaxation of criteria is expected to benefit a diverse range of property buyers and end-users, as it opens up the Golden Visa option to a broader demographic. With a majority of properties in Dubai exceeding Dh2 million in value, this change facilitates easier access to the 10-year residency for mortgage buyers.
Dubai’s Property Market Overview
Dubai’s property market has experienced substantial growth, especially in luxury segments, with prices nearly doubling in high-demand areas. While cash transactions continue to dominate the market, there is a projected increase in mortgage transactions in 2024, driven by anticipated drops in interest rates.
Anticipated Increase in Mortgage Transactions
As interest rates are expected to decrease by up to 100 basis points (1%), the real estate market in Dubai is poised for an increase in mortgage transactions in 2024. This change aligns with the broader goal of making the Golden Visa more accessible to a larger pool of investors and property buyers.
Conclusion
The Golden Visa, which allows holders to sponsor their spouses, children, and parents for the same 10-year period, remains a highly sought-after benefit. This program is open to investors, entrepreneurs, scientists, outstanding students, graduates, humanitarian pioneers, and frontline heroes in the UAE.
For more information on the latest happenings in Dubai and the rest of the UAE, consult travel and visa consultants listed on OLX Pakistan.
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