UAE announces new Golden Visa rules, boosting the Dubai real estate sector

Earlier this year, the UAE government announced significant amendments to the Golden Visa regulations, aiming to encourage greater investor participation in the real estate market and strengthen ties with residents.

UAE Golden Visa changes are set to revolutionize Dubai real estate

The previous requirement of a minimum down payment of AED1 million ($272,000) for Golden Visa eligibility through property investment has been abolished as of January 24.

Regardless of the amount of the down payment or the condition of the property, investors can now apply for a Golden Visa if they possess a property valued at AED2 million ($545,000) or more. Real estate professionals see this as a major step forward, and they expect the UAE property market to become more dynamic and welcoming to investors.

The elimination of the minimum down payment requirement has been welcomed as a significant step towards attracting foreign investment and driving growth in the real estate sector. Experts believe that this progressive decision will ignite a surge in interest in real estate investment opportunities across the UAE, stimulating demand for both residential and commercial properties.

The off-plan real estate segment is expected to particularly benefit from this regulatory change, as it incentivizes prospective buyers to invest in the property market. With competition intensifying due to a significant increase in new launches, the amendment is likely to further boost investor confidence and drive investment in off-plan properties.

Moreover, the UAE's visionary decision to remove the down payment requirement reflects its dedication to fostering a resilient and competitive real estate sector. By facilitating easier entry for investors and stimulating demand, the UAE has positioned itself as a global leader in promoting sustainable development and innovation in the industry.

The Golden Visa residency program, introduced in 2019, allows foreign talents to live, work, and study in the UAE without the need for a national sponsor. It offers exclusive benefits, including long-term residence visas valid for five or ten years, the ability to sponsor family members, and exemption from the usual six-month stay limit outside the UAE to maintain visa validity.

Applying for a Golden Visa as a real estate investor involves providing proof of property ownership and value, along with other required documents such as a passport and UAE ID. Fees for the residency permit application include charges for medical examinations, UAE ID issuance, confirmation of the residency permit, and administrative fees.

Read also: UAE residents to benefit from lower bank fees, more jobs post-FATF delisting

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