UAE Golden Visa rule changes, Visa rules will open doors for Dubai real estate investors property experts in the country have said.
Earlier this year it was announced that, in a bid to foster greater investor participation in the real estate sector and deepen ties with residents, the UAE government is scrapping the AED1m ($272,000) minimum down payment requirement for Golden Visa eligibility through real estate investment.
It was widely reported in local media that, as of January 24 of this year, the UAE abolished the minimum down payment requirement of AED1m ($272,000) or 50 per cent of the property’s value for the property Golden Visa.
UAE Golden Visa real estate boost
This means that, regardless of the down payment amount and the property’s status (off-plan, completed, mortgaged, or not mortgaged), investors can now qualify for a Golden Visa by owning a property worth AED2m ($545,000) or more.
The move has been welcomed by real estate experts in the city, who labelled the news “a game-changer”, which would “open doors for a diverse range” of investors in the UAE property market.
“It opens the door for a more diverse range of individuals to participate in the Golden Visa program, fostering a more inclusive and dynamic real estate landscape.”
A prominent real estate brokerage in Dubai, hailed the elimination of the AED1m ($272,000) minimum down payment as a significant step towards attracting foreign investment and catalysing growth in the real estate sector.
This not only benefits international investors but also bolsters the overall development and prosperity of the UAE economy.
“We anticipate that this progressive move will ignite a surge in interest in real estate investment opportunities across the UAE, propelling demand for residential and commercial properties.
“We eagerly anticipate the positive impact of this decision on the real estate sector and the broader economy”.
According to Associate Director of Research at Middle East, the off-plan real estate sector is “likely to benefit the most,” from this new update.
“The recent move by the government to scrap the minimum payment required to be eligible for a Golden Visa will further incentivise prospective buyers to invest in the property market.
“The off-plan segment is likely to benefit the most as competition intensifies on account of the significant jump in new launches. In 2023 alone, more than 47,000 units were launched, an increase of 90 percent year-on-year”.
It has been said: “These updated guidelines offer greater flexibility for investors seeking Dubai’s coveted Golden Visa through property ownership and providing a massive boost to the economy.
“We believe this move by the government will further incentivise residents who are considering buying property in Dubai”.
“The UAE’s visionary decision to eliminate the AED1m down payment requirement for the golden visa program will strengthen Dubai’s real estate landscape.
“This bold move not only enhances accessibility for current and new investors by enabling them to cement Dubai as their secondary home or primary base but it also injects fresh vitality into the market by allowing them to take advantage of world-class infrastructure and global connectivity.
