Last week, the UAE changed the rules under which property investors can qualify for the 10-year Golden Visa, removing the requirement for a minimum down payment of Dh1 million.

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Previously, investors had to commit a minimum of 50 percent of the property's value or Dh1 million as a down payment to qualify for the Golden Visa.

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This modification is expected to foster increased interest among residents and investors, making Golden Visas more attainable through real estate, and breathing new life into the property market.

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Expert Predicts Off-Plan Sector to Experience Maximum Benefits

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Now, the property only needs to have a value of Dh2 million or more, irrespective of the down payment or payment terms.. According to Simon Pitkin, Managing Director at dV Property International.

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"The residential industry has experienced an exceptional year, witnessing a 29% year-on-year surge in transaction activity, reaching an all-time high of 118,200 units in 2023. The recent governmental decision to eliminate the minimum payment prerequisite for acquiring a Golden Visa will serve as an additional motivator for prospective buyers to participate in the real estate market. The off-plan housing sector is poised to receive a substantial boost, fueled by heightened competition resulting from a noteworthy surge in the introduction of new properties. A staggering 47,000 properties are anticipated to be launched in 2023 alone, marking a 90% increase from the previous year." - said Pitkin.

The new initiative could lead to increased investment in the real estate sector by lowering the financial barrier, leading to more transactions and construction activity.

So, what are the current requirements for obtaining a UAE Golden Visa as a real estate investor?

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Arabian Business contacted Nathan Gardner, Sales Director at dVPI, who listed the basic requirements for obtaining a 10-year renewable residence permit.

• Minimum Investment: Investors are eligible for a 10-year Golden Visa, renewable for a total property investment of AED 2 million or more. However, the investment cannot be distributed among more than three properties.
• Joint Ownership: If the property is jointly owned, only those whose share is valued at AED 2 million or more are eligible for a 10-year visa. This applies to both family and non-family co-owners.
• Joint Spousal Ownership: If a married couple jointly owns a property whose value exceeds AED 2 million, but each spouse's share is less than AED 2 million, either spouse can apply for a visa.
• Off-Plan Properties: For off-plan properties valued at AED 2 million or more, an investor can apply for a visa subject to certain conditions. Obtaining a visa depends on the reliability of the developer and the project.
• Property Mortgage: Investors can apply for the Golden Visa even if they have a mortgage on the property, as long as it is worth AED 2 million or more. The amount paid by the investor does not affect visa eligibility.
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"These updated guidelines provide greater flexibility for investors seeking to obtain the coveted Dubai Golden Visa through property ownership and provide a huge boost to the economy. We believe this government move will provide further incentive to residents who are considering purchasing property in Dubai." , - he said.

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As per reports from local media, although the modifications have not yet been reflected on official government websites, attorneys and agents have been notified by the Dubai Land Department about a recent update in down payment regulations.

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