The post-pandemic real estate boom in Dubai has increased prices for flats and villas above Dh2 million, which is a crucial condition to apply for a 10-year Golden Visa.
Due to demand from both local, regional, and international investors as well as inhabitants, prices in Downtown, Palm Jumeirah, and Dubai Hills have dramatically increased. Even townhouse launch prices have surpassed the Dh2 million mark this year, up from Dh1.5 million in previous years.
The renowned Golden Visa is a residency program that is highly sought after by foreigners. This was evidenced by Dubai reporting a 50% rise in 10-year residence issuances during the first half of 2023.
ADVANTAGES OF A GOLDEN VISA
Without the need for a sponsor, a long-term, renewable resident visa good for five or ten years is available. It also allows for stays of up to six months outside the UAE without the visa expiring.
Family members can stay in the UAE till the end of their permit period even if the primary bearer of the Golden visa dies; this includes spouses and children of any age. Family members can sponsor an unlimited number of domestic workers.
More than 150,000 golden visas had been granted by Dubai to qualified individuals by November 2022, including business owners, professionals, scientists, deserving students, and real estate investors.
Investors in real estate who have assets worth more than Dh2 million can apply for the Golden Visa after having their properties assessed by the Dubai Land Department (DLD). They can submit the necessary paperwork and submit an application for evaluation via the Dubai REST app and Real Estate Services Trustee Offices of DLD.
The Department will analyze the property after receiving all the required paperwork for a price of Dh4,000 plus Dh10 for knowledge fee and Dh10 for innovation fee, which can be paid by cash, credit card, or ePay. Within 1 to 8 business days, the property owner will get the evaluation certificate through email.
The value of two or more properties must be added together to reach Dh2 million before an investor can apply for long-term residency.
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