Dubai is home to millions of expatriates and hundreds of global enterprises from all around the world. A true metropolitan city in every sense, this city is a dream destination for new businesses and investments every year. The city-state has a great many investment opportunities for foreign citizens, with great returns on investments. One of the most exciting and emerging markets is property investment in Dubai, which is highly appealing to many for the right reasons.
The city-state has numerous residential properties for sale, from apartments to villas and townhouses as well as commercial real estate that offer excellent rental yields to interested investors. In the post-pandemic road to recovery, Dubai’s economy, as well as the property market, is recovering steadily, opening up new avenues for investors.
One of the most promising policies that helped attract more FDI in the real estate market was property visas. The government is envisioning more growth through FDI and wants to encourage investors to expand their financial portfolios by investing in real estate.
Are you eyeing properties for sale in Dubai?
If you said yes, there is no time like now. Anyone can buy a property in Dubai, as long as they have the financial capability. Buying a property worth AED 7,50,000 or more in the UAE will make you eligible for a residency visa in the country.
Non-resident investors can purchase freehold properties in designated areas. The properties must be 100% complete and not on a construction plan. Additionally, the property must not be subject to disputes. Investors who purchase a property worth AED 7,50,000 or above ( purchase price and not current market value) with at least 50% of the mortgage paid, are eligible for a Dubai property visa. Not that you must be mentioned as the owner of the property to be considered for the visa. If multiple people own the property, each investor is entitled to apply for the visa as long as they have a share of AED 7,50,000 or above in the purchase value. In case you jointly buy a property worth 7,50,000 AED with your spouse, both you and your partner are eligible for the visa, provided you present your marriage certificate along with the application.
Properties for sale that are open for foreign investors include apartments, villas, townhouses, serviced apartments, and/or commercial properties hotel room, hotel apartment, office, and warehouse that are freehold.
Currently, there are over 60 freehold areas in Dubai, including the ones that are under development. Some of the most sought-after regions include The Palm Jumeirah, The World Islands, Burj Khalifa, Downtown Dubai, Dubai Marina, Jumeirah Lakes Towers, Bluewaters, Emirates Hills, Discovery Gardens, and Al Furjan.
While ex-pat and foreign investors can buy properties directly from the developers, we recommend going through one of the best real estate companies in Dubai like ours to navigate everything from viewings to final purchase and getting the title deed in your hand.
The most important aspect of applying for a property visa is having the title deed in your name, as it needs to be submitted along with the application. So, it is necessary to complete the property purchase and have your name recorded as the owner to get the visa issued under your name.
Property visas in Dubai
There are 4 types of visas that investors can choose from depending on their plans regarding residency. All these visas are residency visas, meaning you cannot work in the country under them. Here is what you need to know about them-
- Six-month multiple entry property visas
This visa is issued by the relevant immigration office and not by the Dubai Land Department (DED). The six-months visa costs less and can be obtained quickly. However, remember that the visa acts similar to a tourist visa and an Emirates ID will not be issued against it. Even so, investors can also use the six-month visa to facilitate getting a golden residency.
- Three-year property visa
The visa is issued by DLD to applicants who have proven ownership of a completed property worth AED 7,50,000 or above. The visa can be renewed upon expiry at the end of three years for a nominal cost. This visa is ideal for investors who are interested in staying in Dubai for longer periods and exploring what the city has to offer instead of renting out their property. The visa makes you eligible for an Emirates ID and driving license as well as allows you to sponsor family.
- Five-year property visa
This visa is issued to investors who have a share of at least AED 5 million in properties (can be split across three properties), with no mortgage on any of them. Similar to a three-year visa, the investor can sponsor his/her family, get an Emirates ID and apply for a driving license.
- Ten-year residency visa
The ten-year residency visa or Golden visa is available for investors who have invested at least 10 million in the UAE, of which 40% of the investment of AED 4 million is in real estate. The investment can be split across three properties. The other 60% can be invested in other sectors. Initially, the applicant will be issued a six-month visa, which can be used to facilitate getting the Golden visa.
- UAE retirement visa
This visa is ideal for foreigners or expatriates who are above the age of 55 years of age to reside in the emirate after retirement. This is a long-term residence visa that can be renewed if you invest in a property worth at least AED 2million, have savings no less than AED 1 million, and have an active income no less than AED 20,000 per month.
Benefits of having a Dubai property visa
Having a property visa opens a lot of avenues for investors to experience the best of living in Dubai. As a visa holder, you can travel in and out of the country as much as you like, provided you don’t stay outside the country for more than 6 months at a time. You can also open bank accounts in the UAE, obtain a UAE driving license and enjoy visa-free travel to the countries that accept the country’s visa holders.
Additionally, you can also sponsor your spouse, children, parents, and house help as required. With a 10 year Golden visa, you can also extend your sponsorship to include an executive director and an advisor aside from your family.
If you are looking forward to owning a property in Dubai, contact our real estate agency in Dubai today for hassle-free sales. Once you become the proud owner of a property in Dubai, you can avail of the residency visa and start your life here in this incredible country. Talk to our brokers today to know more.