Dubai’s residential market in Q3’23 has seen a 23% increase in transactions and a 40% increase in sales value compared to Q3’22. This shows that Dubai continues to remain a real estate hotspot.
As more and more people look to call the UAE their home, there has been a surge in demand for the UAE Golden Visa. In 2022, the General Directorate of Residency and Foreigners Affairs (GDRFA) issued around 80,000 Golden Visas. This is 68% more than 2021.
Dubai’s real estate market continues to garner attention as the government looks to attract migrants and investors through the UAE Golden Visa scheme for property investors.
This blog will show you why investing in Dubai’s real estate market can be a strategic move towards securing a UAE Golden Visa.
Why invest in Dubai’s real estate?
Dubai’s real estate market provides a diverse range of properties, from luxurious villas to sky-scraping apartments and more. Here are some other reasons to invest in Dubai:
Growing demand and lucrative returns
Dubai’s population has been steadily growing, fuelled by both domestic migration and an international talent influx. This translates into an ever-increasing demand for housing and commercial spaces, driving rental income and capital appreciation for property owners.
Stable economy and business-friendly policies
The UAE has a strong and robust economy, with Dubai being its economic epicentre. The government’s pro-business policies and low tax rates continue to attract businesses to the emirate.
Robust infrastructure and urban development
Dubai has transformed from a desert outpost to a modern metropolis. The city continues to build on to improve its infrastructure by expanding roadways, creating exclusive business zones, building schools and hospitals, and more.
Global tourism and business hub
Dubai’s strategic location between Europe, Asia, and Africa has cemented its status as a global hub for tourism and business. Events like Expo 2020 have brought the world’s attention to the city, driving demand for residential and commercial spaces.
What is the UAE Golden Visa?
The UAE’s Golden Visa is a long-term residence visa that enables foreign nationals to live, work, or study in the UAE. The Golden Visa was launched by the UAE government to attract and retain foreign talents, professionals, investors, and entrepreneurs.
What are the benefits of the UAE Golden Visa?
Having a UAE Golden Visa brings you several benefits, like:
10-year residency
UAE Golden Visa holders can ensure stability and peace of mind by securing residency for 10 years. The normal residence visa is generally valid for 2 years, which often discourages several people from considering a long-term future in the UAE.
Self and dependent sponsorships
Unlike other residency visas, the UAE golden visa does not need a sponsor. You just need to be eligible under any of the categories. A Golden Visa holder can sponsor their parents, spouse, children (up to the age of 30), and even their domestic helpers.
Extended stays outside the UAE
The UAE Golden Visa holders have the flexibility to travel or stay abroad for extended periods (even more than 6 months) without losing their residency status.
Stay, work, or study
With the UAE Golden Visa, you can operate a business, work in an organisation, study at any institute, or just enjoy the Dubai lifestyle. This can help you do things that you always wished to pursue.
How can you get a UAE Golden Visa through property investment?
To qualify for the 10-year UAE Golden Visa through the property investment route, you should have one or more properties in the UAE with a combined value of AED 2 million, and you should have paid the 4% DLD fee and down-payment.
If you own an off-plan property, at least 50% of the construction must be completed for you to be eligible for the UAE Golden Visa.
Other categories for the UAE Golden Visa
If you are not eligible for the UAE Golden Visa under the property investment route, here are some other categories:
Managers, Directors and Salaried Individuals
Executive Directors, Managers and Salaried Individuals currently working in the UAE for 6+ months with a salary of at least AED 30,000 per month are eligible for a Golden Visa.
Entrepreneurs
You can get your Golden Visa under the Entrepreneur category if you fulfil any of the criteria below:
- You have AED 2 million in any investment fund in the UAE
- Own a company paying taxes no less than AED 250,000
- You are an investor in any enterprise within the UAE
Specialised Talent and Researchers
Celebrities, Writers, Artists, Sportspersons or Special Talent in the field of Economics, Engineering and Science are eligible for the UAE Golden Visa.
How can PRYPCO help you?
PRYPCO can help you secure the property you wish to invest in as well as get your golden visa.
If you wish to buy a property on a mortgage, we will help you get a pre-approval in 48 hours and also get you the best mortgage deals. You can check out the mortgage deals here.
PRYPCO also helps you secure a Golden Visa if you are a property investor, entrepreneur, senior professional, or specialised talent. From document collection until visa issuance, we will be beside you. If you wish to apply for the Golden Visa services, click here.
Dubai’s booming real estate market, along with the chance of securing a long-term residency, continues to attract more and more people. It’s time to call the UAE your home.
