UAE Eliminates Minimum Payment Requirement for Property Golden Visa

UAE Announces, “Living Here Doesn’t Require Big upfront Payment!”

The exciting news from the UAE is that buying a property alongside a golden visa has become more accessible! The previous requirement, which involved a minimum investment of AED1 million ($272,294) to qualify, has been revised. This change relieves the financial pressure on those aspiring to secure their stay in the region.

The only requirement is owning property valued at or above AED2 million. The property’s age doesn’t matter, nor does the payment method, whether upfront or in installments. Expert insights from Vinayak Mahtani, the CEO of Bnbme Holiday Homes, reveal, “Owning real estate worth AED2 million enables eligibility for a golden visa without needing a big upfront payment!”

The government’s strategy looks like a magical move designed to sustain the thriving real estate market. Now, more individuals can access the Golden Visa Club with more affordable entry points. Law expert Joanna Matthews-Taylor highlighted the amendment, reminding us that the property’s value must exceed AED2 million for eligibility for this prestigious visa.

The well-known real estate agency owner expressed excitement, expecting a surge in buyer interest. Contrary to expectations of a minor downturn, Dubai’s property sector could witness a turnaround thanks to an unexpected development. Tatjana Lescova of S&P Global Ratings has raised concerns over potential issues such as an oversupply of housing without sufficient demand. Conversely, Vinayak Mahtani views Dubai as an undervalued market compared to other major global cities and forecasts significant growth.

During an upscale gathering in Davos, Damac Properties’ leader, Hussain Sajwani, forecasted a 5 to 10 percent price increase throughout the year. He expressed strong confidence in the market’s robustness for at least two additional years. The recent adjustments to the golden visa policy could increase interest in purchasing off-plan properties. This perspective is shared by Mohit Bhojwani of Property Zone Real Estate, who believes that the updated process simplifies obtaining a visa.

Louis Harding of Betterhomes views the UAE’s development as a significant growth beyond its tax-free appeal. Sidharth Kumar of Forest Hills Real Estate regards this progress as an opportunity for owners of properties valued at less than AED2 million to aspire for the golden residency.

Previously, visa obtaining was often linked to employment status, creating a sense of temporary for many. However, the UAE is shifting its approach to residency. In addition, the government is simplifying the process for investors, students, and skilled workers to establish permanent residence in the region.

Interestingly, Saudi Arabia has also entered the contest, providing attractive incentives for professionals and investors. It appears the Gulf region is rapidly becoming a race for attracting residency.

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