Booming Dubai Property Market Drives Demand for UAE Golden Visa

UAE’s long-term residency permit, Golden Visa, is currently the most popular option among foreigners looking to invest in Dubai’s growing property market, which recorded deals worth AED 10.1 billion ($2.8 billion) last week.

Last year in November, around 100,000 golden visas were issued, which is an increase of 35% compared to the earlier period of 2022. Recently, wealthy Indians have also shown interest in UAE Golden Visa, particularly after some European countries, including Portugal, scrapped their long-term residency permit.

Investors who are buying property in the UAE have the option to apply for a Golden Visa, which grants them 10 years of residency in the country. This applies to those who are buying property off-plan or with a mortgage, and the property should be worth at least AED 2 million.

According to Lynnette Sacchetto, a UAE-based Real Estate Consultant, by purchasing a secondary or off-plan property, which can also be mortgaged, one can now get a Golden Visa. This rule covers most common scenarios, making it easier for property buyers to apply for a residency permit, he added. Besides, UAE has also massively reduced the amount of investment required to get a Golden Visa.

How to Apply for Golden Visa as a Real Estate Investor

Property investors can apply for this long-term residency permit via Dubai Land Department (DLD) in four simple steps, which are as follows:

• Visit DLD’s Service Centre.
• Submit mandatory documents and pay fees.
• After which, a medical examination is carried out at the center.
• Visa stamp on the passport.

Documents Required

• Valid passport.
• Softcopy of title deed certificate.
• Photo.
• Health insurance.
• Emirates ID (original).

Investment Criteria for a 10-year Golden Visa

• The applicant must own a property or a share in a property worth at least AED 2 million.
• If the property is mortgaged, the applicant must have paid off at least AED 2 million of the property value to the bank. The applicant must also provide a NOC letter and a paid amount letter in this case.
• A husband and wife can share ownership of a property, but they must provide a marriage certificate as proof.