The post-pandemic rally in Dubai’s property market has driven apartment and villa prices above Dh2 million, a key requirement for applying for a 10-year Golden Visa in the emirate.
This surge in property prices has made it more accessible for investors and residents to qualify for the coveted Golden Visa, leading to a significant increase in visa issuances.
Rising Property Prices:
Various areas of Dubai, including Downtown, Palm Jumeirah, and Dubai Hills, have substantially increased property prices.
The demand for real estate from local, regional, and foreign investors and residents has fueled this surge.
Even townhouses, which traditionally had lower price points, have seen their launch prices cross the Dh2 million mark this year, compared to Dh1.5 million in previous years.
The Attraction of the Golden Visa:
The United Arab Emirates Golden Visa is a highly sought-after residency permit among foreigners.
Dubai, in particular, has experienced a significant increase in the issuance of 10-year residency visas during the first half of 2023, reflecting the appeal of this program.
Benefits of the Golden Visa:
- Long-term, renewable residency visa valid for 5 or 10 years.
- No need for a sponsor.
- The visa remains valid even if the holder stays outside the UAE for more than 6 months.
- Eligibility to sponsor family members, including spouses and children of all ages.
- Power to sponsor an endless number of domestic helpers.
- Members of the Family can continue to reside in the UAE until the end of their permit duration, even in the event of the primary visa holder’s passing.
Issuance of Golden Visas:
As of November 2022, Dubai had issued over 150,000 Golden Visas to eligible individuals, including property investors, entrepreneurs, professionals, scientists, outstanding students, and more.
Property Evaluation for Golden Visa Eligibility:
Property investors seeking to qualify for the Golden Visa by meeting the Dh2 million property value requirement can apply by getting their property evaluated through the Dubai Land Department (DLD).
The evaluation process can be initiated through DLD’s Real Estate Services Trustee Offices or the Dubai REST app, and the necessary documents must be submitted.
The DLD charges a fee for property evaluation, which includes Dh4,000 plus Dh10 each for knowledge and innovation fees.
This fee can be paid using various methods, including credit cards, cash, and ePay. The property owner receives the evaluation certificate via email within 1 to 8 business days.
Combined Property Values:
Importantly, investors can also combine the values of two or more properties to reach the Dh2 million threshold, making them eligible for long-term residency through the Golden Visa program.
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