The government of Dubai has revised the eligibility criteria for the Golden Visa program, removing the mandatory minimum down payment of Dh1 million for property buyers. The new regulation allows property owners to apply for the 10-year residency irrespective of the upfront payment, provided the property’s value exceeds Dh2 million. This adjustment aims to facilitate real estate investments and broaden access to the golden Visa for a wider range of investors.
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Extended Eligibility Criteria for Golden Visa
Under the updated guidelines, property owners opting for payment plans or mortgages can now apply for the Golden Visa, offering a 10-year residency, without the previous constraint of a minimum down payment. The relaxation applies to properties valued at Dh2 million or more. Off-plan properties may be considered on a case-by-case basis, with applicants required to submit relevant documents such as the title deed, developer’s letter, mortgage documents, passport copy, and photograph.
Inclusive Benefits for Mortgage Holders
Jess Stephenson, Head of Sales Progression at Allsopp & Allsopp Group, confirmed the removal of the Dh1 million minimum payment requirement. She emphasized that the revised criteria make the Golden Visa accessible to all property owners with mortgages. Buyers contributing 20% of the property’s value through a mortgage can now qualify for the visa, providing a significant benefit to a broader spectrum of buyers and end-users.
Impact on Dubai’s Real Estate Market
The adjustment comes amid rising property prices in the UAE, particularly in Dubai, where prices have surged, particularly in sought-after areas like Palm Jumeirah and Downtown. Despite a prevalent trend of cash transactions, the recent shift in Golden Visa criteria is expected to encourage more property buyers to opt for mortgages in 2024, influenced by anticipated interest rate drops of up to 100 basis points.
Diversification of Golden Visa Applicants
The Golden Visa, which offers self-sponsored long-term residency, is now open to a diverse range of individuals, including investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers, and frontline heroes. This inclusive approach aligns with Dubai’s commitment to attracting a broad spectrum of talent and investment to sustain its economic growth and development.
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