To qualify for the visa, the expat retiree must either have a property investment worth at least $544,500 (AED2 million) or savings of no less than $272,250 (AED1 million), or an active income of no less than $5,435 (AED20,000) per month.
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Overall property transactions in Dubai totalled Dh111 billion for the first half of 2018, says the Dubai Land Department (DLD). This was done through 27,642 transactions. This represents an approximately 16 per cent decline compared to the same period a year ago. Overall property transactions in Dubai totalled Dh132 billion in the first half of 2017 and Dh113 billion in the first six months of 2016.
The Land Department numbers represent properties and plots sold across Dubai.
Any expatriates living in the UAE are unaware that in the absence of a formal Will recognised under the UAE legal system, the process of transferring ownership of their local real estate assets after death can prove time consuming, costly and fraught with legal complexity for their family members left behind.
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