This is a million-dollar question that is on top of the minds of people buying a property in Dubai. Dubai has been one of the major economic hubs in the Middle East for years. Dubai has gained traction from people all over the world with its ever-expanding economy. Real estate is an ineluctable and remarkable part of Dubai’s economy. For investors from around the world, real estate in Dubai is the breeding ground for profits. Dubai is filled with tons of property ranging from low and medium to ultra-luxury properties. However, many expats love to get residence in Dubai and are in constant search for an effective solution. One prominent way is to buy property in Dubai and get residency. It seems pretty simple, but various factors are to be considered before buying a property and to know what they continue reading.
The real estate market in Dubai
Currently, the drop in the values of residential properties in Dubai is fuelling significant growth of the real estate market sales. The real estate market was fighting the sluggish market even before the onset of Covid-19. At the start of 2020, the month-on-month transactions in the real estate market ballooned significantly compared to the trends observed in 2019. In February, a 33 percent increase in sales was observed. However, a slight dip in sales and a sense of uncertainty was seen after the start of the pandemic.
The best part was that Dubai real estate market made it through this period quickly without any adverse effects. Innovative ideas and effort from the government and related authorities made this possible. A thoughtful decision from DLD was the start of online property transfers. After a complete lockdown, the market started to gain speed and August saw some tremendous transformation. 11.3 percent increase in the real estate market was observed in August. This is the perfect time to purchase property in Dubai and get a residence visa with the market soaring.
Residency through the property purchase
Residency is not a gift from the government, there are several sets of rules and criteria to which you must comply completely to get a Dubai property residence visa. Buy a property worth AED 1 million to get a residency visa for 3 years
The Property Investor Visa
This visa issued by the Dubai Land Department can be availed by an investor who has invested in a property that is valued at over AED 1 million. With this visa, you are an eligible resident of the UAE and can avail of various associated benefits such as Emirates ID, driving license, and family sponsorship. The cost of a property resident visa is around 15000 AED.The visa has to be renewed every three years. This visa doesn’t allow you to spend more than six months outside the country consecutively. The property you buy can be both residential and commercial.
The 5-year residency visa: this visa was recently announced by the government. You are eligible for this visa if you invest in properties that have worth more than AED 5 million. The condition is you cannot buy a property with a mortgage or by availing any loan or financing. Also, the investment must be retained for at least a period of three years.
The 10-year long term visa: people investing in a property worth 10 million AED are eligible for this visa. Other rules are the same as the 5-year visa option. To get the 10-year visa you total investment in various sectors other than real estate should not be less than 60 percent of the total investment.
The cost of the property visa differs based on the type of visa that you are choosing. The additional cost of renewal and others add to the fee.
You can apply for a residency visa at Dubai department land by providing the following documents:
- Original Title Deed on the property
- Passport copy of the applicant (include souse/ family if applicable?
- Current visa status/copy (if you are an entry or tourist or resident)
- Passport photos (x6)
- Certificate of Good Conduct (from Dubai Police)
- Bank Statements
- Attested marriage certificate if you have invested as a married couple
Steps to get Property Investor Visa
- Purchase the right property and approach the Dubai land department with the required documents and request for a reference letter
- Get a good conduct certificate by submitting the reference letter to the Dubai police
- Submit the same with necessary documents to the Dubai economic department for trade license
- Once you get the investor license to apply for a residence visa at the General Directorate of Residency and Foreigners Affairs ( GDRFA )
To qualify and attain a residence visa, you have to comply with the set rules and regulations. To avoid mistakes and to have a hassle-free experience you would need help of experts. We can guide you as we have applied and received quick approvals for resident visas for many of our investors and will do it for you too!