The real estate sector in Dubai has become a stronghold in the Emirates economic recovery from the coronavirus pandemic. Last year, in 2021, Dubai Land Department reported $82bn in real estate transactions, up 71% from the previous year. Due to the high demand, average property prices jumped nearly 17% in 2021. Continuing the trend residential property prices are expected to continue to grow in 2022, supported by Expo 2020 as well as demand for premium units, according to real estate analysts.
What are the key drivers of the current real estate boom?
Widespread reforms, from golden visas to retirements visas and 100% foreign ownership of companies, have helped convince residents that their long-term future lies in Dubai. Along with high vaccination rates, excellent public safety and health care, Dubai has garnered worldwide attention as a superb place to relocate.
What long-term Visa’s are available with Dubai property investments?
Thanks to the many progressive reforms of late, property investors in Dubai have the added advantage of a wide range of long-term visas available, enabling them to settle and plan their future in the Emirate. Here are the current visa options:
1. Three Year Dubai Property Visa:
The visa is issued for three years and can be renewed.
The Dubai Land Department (DLD) has announced the reduction of the minimum financial requirement to apply for a 3-year investor visa from AED 1,000,000 (USD 272,300) to AED 750,000 (USD 205,000).
This visa is available only when purchasing a completed residential property, not off-plan property. If you purchase an off-plan property, you can only apply for the visa, once the property has been completely handed over by the developer.
Joint ownership investors can apply for the visa only if the share of each individual constitutes at least AED 750,000.
If you have a mortgage on the property, at least 50% of the mortgage loan must be paid to the bank, or at least AED 750,000, then you are eligible to apply for the visa.
2. Five Year Dubai Property Visa:
This visa require an investment of at least AED 5 million in properties, the amount can also be divided across three properties. The property must be fully paid and no outstanding mortgage owed.
This visa is a resident visa which means you or your family members will not be allowed to work on that visa. If you or any of your family members wish to work, the visa status will have to be changed, and the organization which offers the job will have to issue a sponsoring visa.
3. Ten Year Residency Visa (Golden Visa):
Any individual that has over AED 10 million in investments in the UAE is eligible to apply for the 10-year Golden Visa. The maximum of 40% in real estate investment is allowed, which can be split across up to three properties to a total value of AED 4 million. The remaining 60% of the investment must be derived from other investments in a company or fund. There are other ways to obtain the Golden Visa, such as individuals with exceptional talents, entrepreneurs and outstanding students, to learn more about this read here.
Grant Kirk Synergy Gulf COO, explains the Golden Visa process below...
4. UAE Retirement Visa:
Those over 55 years old can now elect to retire in the UAE with a renewable five-year retirement visa. To obtain a retirement visa, the candidate must be over 55 years old, must hold a UAE medical insurance and meet one of following four criteria’s, in Dubai, UAE or the wider emirates;
Earning a monthly income of AED 20,000
Have savings of AED 1 million held in a UAE bank
Own a property worth AED 2 million
Combined savings and property valued at AED 2 million
You can find out more about the retirement visa here.
The Advantages of Having A UAE Residency Visa
Being able to spend as much time in Dubai as you like during the visa’s valid period and to come and go as you please.
Having access to UAE bank accounts and financial services.
Being able to apply for a UAE driving licence.
Possible visa-free travel to certain countries.
Being able to sponsor your spouse and dependents. If you are successful in obtaining a 10-year residency visa, you can extend your sponsorship to an executive director and one advisor, in addition to your family.
Both the 5-year and 10-year visas can be easily renewed, providing you continue to retain your investment.
How to apply for a long term visa?
Synergy provides a bespoke visa service that caters for VIPS, families, investors and individuals, our service starts with a consultation to assess your eligibility and which visa category you can obtain. Our team will then process the application for you in a timely manner and deliver the visa to your home or office.
Contact us today to begin your application.