The relaxed criteria of the Golden Visa Program in the UAE has sparked a surge in demand for properties valued at Dh2 million.
The recent decision to eliminate the previous minimum down payment requirement of AED 1 million to qualify for the Golden Visa Program is attracting a diverse array of real estate investors to Dubai. This includes affluent retirees, as highlighted in a recent report by Arabian Business.
This demographic, drawn to Dubai for its luxurious lifestyle and access to top-notch healthcare, leisure amenities, and cultural offerings, now finds the doors wide open due to the relaxed down payment regulations.
Moreover, this rule adjustment is anticipated to stimulate new construction projects, create job opportunities, and strengthen the economy. By simplifying the Golden Visa acquisition process, the government aims to cushion market fluctuations and ensure consistent growth.
Originally launched in 2019 to attract international investors, the Golden Visa Program swiftly became a standout initiative in the MENA region. Initially, investors were required to invest in properties valued at AED 2 million or more, with a minimum down payment of AED 1 million or 50% of the property’s value for mortgage or installment plans to qualify for a ten-year renewable residence permit.
However, recent revisions have eliminated the AED 1 million down payment requirement while maintaining the minimum property value of AED 2 million, thus creating an easier pathway for affluent foreign investors.
The rule change has also led to increased demand for properties valued at Dh2 million. Real estate experts note that many developers are adjusting apartment sizes to meet this demand, while investors with budgets exceeding Dh1.5 million are stretching to meet the 10-year residency eligibility threshold.
To qualify for a UAE Golden Visa under the revised rules, property investors must present a letter from the Dubai Land Department confirming ownership of one or more properties valued at no less than AED 2 million. Additionally, they must secure property through a loan from approved local banks.
While the minimum payment requirement has been eliminated, final approval of the Golden Visa application remains subject to the Dubai Land Department’s case-by-case consideration.
