UAE Golden Visa: Reduction in Property Investment to Boost Dubai Realty Sector and Entrepreneurs
HLB HAMT News Team
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The UAE’s golden visa programme was an immediate success, particularly among expats looking to establish a foothold in Dubai. And now, with the latest modifications, it is far more appealing, offering the opportunity to permit several more individuals to realize their goal of living in Dubai.
For property investors, the Golden Residence is ideal
The major important adjustment is a drop in property investment volume, which has been cut to AED 2 million from AED 5 million previously, but the visa period has been increased to 10 years.
The modification might indicate that the developers and realty brokers do not have to put out the entire Dh2 million plus on the property investment right now. Here is where direct-from-developer programmes come in handy, as they encourage prospective investors to proceed with an instalment plan while also ensuring they have the required Dh2 million equity to be eligible for a Golden Visa. There might be an initial instalment and subsequent payments spread over a period of time. The buyer is qualified if the equity portion of the transaction totals Dh2 million or more.
The new visa eligibility requirements will also place the Dh1 million plus barrier for a property investment in Dubai, which previously permitted a buyer to obtain a 5-year visa. The investor will now have more payment flexibility in order to be eligible for a Golden Visa. This change has the ability to significantly boost the off-plan property industry in Dubai. The amendments allowing off-plan investors to become residents will have the greatest impact, and we should expect an increase in demand for off-plan properties.
This declaration is another step in the process of opening up Dubai to international investors, and it is expected to result in a large rush of purchasers, supporting an already flourishing market. The UAE government is attempting to make the new visas friendlier in nature, allowing applications to efficiently manage their future in the country. The projected change of the UAE’s visa residency system will significantly propel the country’s real estate sector, bringing a major surge in purchasers and giving Dubai’s property market a boost.
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