In a strategic move to stimulate the real estate market, the United Arab Emirates (UAE) has scrapped the AED1 million ($272,294) minimum downpayment requirement for obtaining a golden visa through real estate investment. As of now, investors need to acquire properties valued at AED2 million or above to qualify for the 10-year renewable residency scheme, introduced in 2019. Previously, a minimum of AED1 million or 50 percent of the property’s value had to be paid upfront for properties purchased on mortgage or installment plans to be eligible for the golden visa. However, this requirement has now been eliminated, making the golden visa accessible to a broader range of investors.
Experts have confirmed the removal of the downpayment requirement, stating that properties worth AED2 million or more, regardless of being off-plan, completed, mortgaged, or not mortgaged, now qualify for the golden visa. The removal of the AED1 million barrier for the golden visa is expected to drive increased investment in off-plan properties, as investors can initiate the golden visa process after paying only the booking amount. This change is viewed as a sign of the UAE maturing into a genuine destination of choice for expatriates, extending beyond its traditional appeal of tax-free living.
This move is an “ace card” played by the government to proactively boost the real estate market, potentially preventing market downturns. He believes that the change will provide the real estate sector with the energy and oxygen it needs for long-term growth.
Even though the downpayment is no longer required, the property’s value must still exceed AED2 million for individuals to be eligible for the golden visa.
The modification in the golden visa requirements has been well-received by the real estate community. The change would have “mass appeal” to potential real estate buyers.
This development comes at a time when Dubai’s real estate market is anticipated to experience a price drop of five to 10 percent over the next 12 to 18 months. However, industry experts believe that Dubai’s real estate market is still underpriced compared to global cities like London, Miami, Singapore, Hong Kong, and New York, leaving room for significant upward movement.
Experts predicts a five to 10 percent increase in prices this year, asserting that the market remains strong and correction is not expected for at least two years.
The UAE’s flexible visa policies align with economic reforms aimed at diversifying away from oil. This adjustment also comes amid economic competition with neighboring Saudi Arabia, which recently introduced new residency incentives to attract skilled workers and investors.
In conclusion, the elimination of the minimum downpayment requirement for the golden visa is poised to inject renewed vigor into the UAE’s real estate sector, fostering increased investor interest and market growth.
The advancements in the Golden Visa regulations will stimulate potential investors to invest in properties. The Helpdesk provides assistance to those in need, and they can be contacted through contact@bizmaker.ae or +971 50 112 0273, as communicated by Shebeer Ismail, Bizmaker Real Estate
UAERealEstate #GoldenVisa #PropertyInvestment #DubaiMarket #InvestmentOpportunity #RealEstateNews #UAEInvestment #ResidencyScheme #DubaiProperty #MarketBoost #GlobalInvestors #EconomicReforms #ExpatriateLiving #PropertyMarket #OffPlanInvestment #LuxuryLiving #Diversification #EconomicGrowth #VisaPolicy #DubaiEconomy #RealEstateTrends
