Dubai: The Growing Eligibility of Residents for Golden Visas

Amidst a surge in property values following the pandemic, an increasing number of residents are now meeting the criteria for the esteemed Golden Visa residency in Dubai," say industry experts.

Executives from the real estate sector have observed that a substantial proportion of townhouse purchasers now qualify for the 10-year Golden Visa, thanks to property prices surging past the Dh2 million threshold. Furthermore, newly introduced townhouses, starting at Dh2 million and beyond, automatically confer eligibility for the coveted decade-long residency.

“Golden Visa has become one of the biggest attractions for overseas investors. We are getting inquiries from investors who are asking us to find a property which is Dh2 million to get the 10-year visa,” disclosed Farooq Syed, the Chief Executive Officer of Springfield Properties.

He went on to mention that apartments situated in prime areas such as Downtown, Palm Jumeirah, and Dubai Hills have experienced substantial price appreciation. Consequently, those who initially invested in these areas at prices ranging from Dh1.5 to Dh1.8 million have seen the value of their assets eclipse the Dh2 million benchmark.

Property prices in the emirate have witnessed substantial escalation over the past few years, driven by the post-pandemic resurgence in conjunction with a surge in demand for residential units from both local residents and foreign investors.

According to real estate consultancy CBRE, average prices experienced a 19.6 percent increase in the 12-month period leading up to August 2023, up from 18.1 percent in the preceding month. During this timeframe, average apartment prices surged by 20 percent, while average villa prices rose by 17.3 percent.

Additionally, the government introduced several long-term residency visas tailored for foreign nationals, a move that significantly appealed to expatriate professionals and investors, particularly within the real estate sector.

Farooq Syed revealed that townhouses, previously priced below the Dh2 million mark, are now commanding prices ranging from Dh2.5 to Dh3 million. “The entry-level prices of regular townhouses used to be Dh1.5 million and now they are Dh2.5-Dh3 million. The residents who had regular visas and are now able to get Golden Visa.”

Junaid Merchant, CEO of VA Properties, highlighted that a growing number of individuals are meeting the criteria for the Golden Visa as property values continue to climb.

“Secondly, the procedure for the long-term visa has been softened as well. The good news is that people are subscribing to that because they want to stay here for a long-term basis. Even if the golden visa is 5 years, people are opting for it because people want to be part of this city,” he remarked. He added that individuals whose property assets have surpassed the Dh2 million threshold can initiate an evaluation process through the Land Department, which, for a fee, will furnish an evaluation certificate. Subsequently, individuals can leverage this certificate to apply for the Golden Visa.

Source: khaleejtimes.com