Dubai: ‘Dh2 million plus’ has overnight become the most captivating figure for investors looking to make a commitment in the UAE property market. Crossing that number immediately puts them on the road for a 10-year Golden Visa compared with the earlier investment threshold of Dh10 million and over.
It is not only the lowering of the investment value that could make this move a compelling one for investors. To be eligible for a Golden Visa, the investor will now have greater flexibility on the payment side of it. (The eligibility also applies to investors purchasing the property through lending from specific local banks - but the equity component of the property investment should be Dh2 million plus. Owning multiple properties with a combined value of Dh2 million plus also puts the buyer on track for the Visa.)
“What the change could mean is that the buyer needn’t put up all of the Dh2 million plus immediately on the property investment to be eligible,” said a consultant. “There could be the initial payment and the rest staggered within a set timeframe. So long as the equity part of the investment adds up to Dh2 million plus, the buyer is eligible.
“This reform has a huge potential to further fuel the offplan side of the property market, especially in Dubai.”
The latest moves on visa eligibility criteria will also put in the shade the Dh1 million plus threshold for a property investment in Dubai, which allowed the buyer to get a 5-year visa. (It was brought down from Dh2 million recently.)
Read More: Gulf News