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UAE has eliminated the AED 1million minimum down payment requirement for obtaining a Golden Visa

Posted by Luxury Link Properties on January 25, 2024
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In a notable policy adjustment, the UAE has eliminated the Dh1 million ($272,294) minimum down payment requirement for obtaining a golden visa through real estate investment. Historically, investors were obliged to acquire property valued at Dh2 million or more, necessitating a minimum down payment of Dh1 million or 50% of the property’s value. This recent change now allows investors to qualify for a golden visa with a property valued at Dh2 million or more, regardless of its completion status or financing arrangements. Although official platforms are yet to reflect this update, legal sources have confirmed the modification.

Maroun Abou Harb, Associate at BSA Ahmad bin Hezeem & Associates, clarified that investors are now eligible for a golden visa if the property is worth Dh2 million or more, irrespective of its completion, off-plan status, mortgage, or lack thereof. Despite the lack of official updates on platforms like the Dubai Land Department’s Cube website, the change in eligibility requirements for golden residency via real estate investment has been acknowledged by legal experts.

While the Dubai Land Department (DLD) informed The National that the eligibility requirements for real estate investors to obtain golden residency remain unchanged, legal sources assert that the modification is in effect across the entire UAE. The adjustment is expected to boost real estate sector investments by eliminating the financial barrier associated with the down payment, potentially attracting more investors to engage in property acquisitions. This influx of investment could lead to increased construction activities, job creation, and overall economic growth within the real estate industry.

Maroun Abou Harb emphasized that this regulatory change is not confined to specific emirates but applies nationwide, anticipating increased investment in the real estate sector. By removing the financial hurdle linked to down payments, more investors may be enticed to participate in property acquisitions, leading to heightened real estate transactions. This strategic response to market dynamics aims to fortify Dubai’s real estate sector amid predictions of a potential price drop.

In the words of Abou Harb, “This move may not only attract new investors but also instill confidence in existing stakeholders, fostering a positive sentiment that could contribute to the stability and long-term vitality of the UAE’s real estate market.” This policy change is poised to make the golden visa more accessible to a diverse group of investors, emphasizing the property’s total value rather than a specific down payment, potentially mitigating market downturns and ensuring sustained growth and resilience in the real estate sector.

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