Dubai's real estate market has experienced a remarkable resurgence in the post-pandemic era, driving the prices of apartments and villas beyond the Dh2 million threshold. This significant valuation is a crucial requirement for obtaining a coveted 10-year Golden Visa, a residency status highly sought after by individuals from around the world.
Dubai's Property Boom Elevates Prospects of a Golden Visa
The real estate market in Downtown Dubai, Palm Jumeirah, and Dubai Hills has experienced a meteoric rise in value. Strong demand from local, regional, and worldwide buyers and investors is responsible for this price increase. Particularly noteworthy is the fact that this year even the starting costs of townhouses have crossed the Dh2 million level, a sizeable rise from the Dh1.5 million seen in prior years.
Golden Visa's Popularity
The UAE's prestigious Golden Visa program has garnered significant interest among foreigners. Dubai, in particular, has witnessed an over 50 percent surge in the issuance of 10-year residency visas during the first half of 2023.
Benefits of the Golden Visa
The Golden Visa offers a range of advantages, including:
- A long-term, renewable residence visa is valid for 5 or 10 years.
- Exemption from the need for a sponsor.
- Permission to stay outside the UAE for over 6 months without visa invalidation
- Eligibility to sponsor family members, including spouses and children of all ages
- The ability to sponsor an unlimited number of domestic helpers
- Family members can remain in the UAE for the duration of their permit, even if the primary visa holder passes away.
Evaluating Property for the Golden Visa
Property investors seeking to qualify for the Golden Visa must ensure that their property's value exceeds Dh2 million. They can initiate the process by having their property evaluated through the Dubai Land Department (DLD). The evaluation can be requested through DLD's Real Estate Services Trustee Offices and Dubai REST app, and the necessary documentation should be submitted.
After the paperwork is submitted to the DLD, the property will incur a Dh4,000 assessment, with extra costs of Dh10 for knowledge and innovation. You can pay with cash, a credit card, or ePay. Within 1–8 business days, the owner will get an electronic copy of the evaluation certificate.
Flexible Residency Options
It is important to note that investors have the freedom to combine the values of two or more properties in order to meet the Dh2 million level required to qualify for long-term residency under the Golden Visa program.
Investors continue to be drawn to the growing property market in Dubai, and the Golden Visa program provides a compelling incentive for individuals who are interested in obtaining long-term residency in this lively and dynamic emirate.