With the much anticipated Expo 2020 just around the corner, Dubai’s luxury property market is overflowing with brilliant opportunities for investors. Not only they can select from a wide spectrum of property types, from stunning apartments to contemporary villas and sleek buildings, but also enjoy one of the highest yield rates of any prime region in the world.
Due to the skyrocketing demand, there is a continuous call for housing be it off-plan, commercial, or individual residential properties, the sky is the limit when it comes to the options available. It doesn’t matter whether you are a small or large-scale investor, as you can take full advantage of a buyer’s market which encompasses waivers on service charges, DLD fees for off-plan projects, and post-handover payment plans.
The recent amendments to the visa rules is another reason for the prevalence of the Dubai property market among prospective investors. According to records, foreign investors allotted a whopping AED 56 billion to the region’s property market in 2017, and with the new visa options, this number is anticipated to achieve further growth.
To give you an overview, here are some of the recent updates to Dubai’s visa system that will be of utmost benefit to its property market and prospective investors.
It was reportedly announced at a recent cabinet meeting that investors and field specialists such as engineers and doctors, as well as their families and dependents, will get residency visas with a 10-year validity. In efforts to attract outside talent, reinforce the workforce in the country, and enhance the economy, this has paved the way for residents to make property investments. This is also eyed to further increase the number of long-term renters, which could attract investors searching for hassle-free tenancies. Only those who has a minimum investment of AED 10 million can qualify for this visa. However, only 40% of that can be in the real estate market.
If you are planning to invest in a property worth more than AED 5 million, then you could qualify for a five-year residency visa provided that the property is not bought with any financing or loans. Additionally, the investment ought to be retained for at least 3 years under standard liability. Like the 10-year visa, this visa also enables you to sponsor your family members and dependents.
This is issued by the Dubai Land Department (DLD) upon investment in a property in the emirate that costs more than AED 1 million. It gives you eligibility to be a UAE resident and get the corresponding benefits such as family sponsorship, driving licence, and Emirates ID. However, the property cannot be off-plan, mortgaged, or commercial and you are required to provide proof of an income more than AED 10,000 per month.
In accordance with Gulf News, the value of the property investor visa option ranges from AED 13,000 to AED 15,000. However, it has two-year validity, making it still a convenient choice. It is also worth mentioning that holders of this visa are not allowed to spend six consecutive months outside the country.
A multi-entry visa, this is issued by the pertinent Immigration authority, and not by the Dubai Land Department (DLD). It is similar to having a tourist visa, but offers multiple entries over a six-month period. You can be eligible to have this visa upon purchase of any property worth more than AED 1 million in any of the emirates. It costs approximately AED 2,300 and roughly AED 1,100 for renewal.
The following are the pre-requisites for the six-month renewable visa and two-year property investor visa:
For more information, get in touch with us at Provident