UAE Revolutionises Real Estate Investment: New Opportunities Unveiled for Dubai’s Property Market
What's new?
No minimum down payment: Invest in AED 2 million+ property (mortgage or cash), own a share worth AED 2 million, and you're eligible!
Wider pool: Off-plan or completed, your AED 2 million+ property investment unlocks the Golden Visa.
Shared ownership: Spouse can also qualify
In another bold move setting it apart from global trends, the United Arab Emirates (UAE) has recently announced a significant modification to its property investment landscape. This change, directly impacting the prestigious golden visa program, marks a new era for real estate investors and families aspiring to establish roots in Dubai.
The golden visa program, a ten-year residency initiative, has been a cornerstone in attracting top-tier talent and foreign investment into the UAE. Unlike other nations phasing out similar programs, the UAE is enhancing its allure as an investment haven.
A crucial development in this regard is the removal of the previously mandated AED 1m ($272,294) minimum down payment for property investments, as reported by a prominent daily. This strategic decision opens the doors wider for potential golden visa candidates, significantly broadening the investment pool.
Despite the official website of Dubai’s General Directorate of Residency and Foreigners Affairs not reflecting this update yet, credible sources confirm this groundbreaking shift.
What Does This Mean for Golden Visa Hopefuls?
Primarily affecting those pursuing the real estate investment route, the modified eligibility criteria bring a fresh perspective. While the minimum property value of AED 2m remains constant, the elimination of the down payment requirement signifies that investors are no longer bound to secure Dhs1m upfront as investment proof.
Legal experts, clarify that any property – whether off-plan, completed, mortgaged, or not – valued at AED 2m or above now qualifies for the golden visa. Additionally, shared properties, such as those owned between spouses, are eligible, provided the applicant’s share is at least AED 2m.
Understanding the Original Criteria
Introduced in 2019, the golden visa required property investments of AED 2m or higher. For financed properties, a AED 1m down payment, equating to half the property's value, was essential to qualify.
Expanding the Golden Visa Scheme
Beyond real estate, the golden visa program aims to foster long-term connections with exceptional individuals and investors. In 2022, the program was further refined to simplify criteria and widen beneficiary categories, reinforcing the UAE’s position as a global hub for talent and investment.