Reducing the minimum property investment level will give an additional impetus to the Dubai's real estate market.
The Dubai Land Department’s website informs that the minimum financial requirement to apply for a three-year visa through investment in Dubai’s booming residential property market has been reduced from USD 272,000 to USD 204,000.
DLD’s special program, called Taskeen, allows an individual who owns a property valued at USD 204,000 or more at the time of purchase to apply for a three-year renewable residency visa with a provision for sponsoring their spouse.
Real estate consultants are sure that lowering of the investment level will give an additional impetus to the Dubai's real estate market that is going through a remarkable rebound at the moment. And against a backdrop of the ongoing Expo 2020 exhibition its appeal for global investors continues to grow, too.
According to the DLD’s official sales price index, August 2021 was the second-highest month since December 2013 in terms of the number of sales transactions in one month. Overall, this August had 5,780 sales transactions worth USD 4 billion, which made it the best August in 12 years. 55 percent of all August sales transactions were for secondary/ready properties and 45 percent were for off-plan properties.
Documents required for applying this type of visa include the passport of the investor and an electronic copy of the title deed certificate. A property must cost USD 204,000 minimum. If the property is mortgage, 50 percent of its value or at least USD 204,000 has to be paid to the bank. To proceed with visa application the applicant will also need a non-objection letter in Arabic and a mortgage bank statement.
The husband and wife can share one property but they have to provide a marriage certificate. If the application is submitted by a third party on behalf of the investor, power of attorney is required. To obtain visas for children, in case if the mother is the sponsor, a no-objection letter from the father attested by the notary public has to be provided.
Investors in a jointly owned property also can apply for this kind of residency visa if each individual’s share equals at least USD 204,000.
The investment must be in a single residential property but not in a commercial property. This visa offer is applicable only to freehold residential properties, so if you have purchased an off-plan property, you cannot apply for this type of visa. The visa term varies between three to five years and it can be renewed and maintained as long as the investor owns the property in the country.
The three-year residency visa is available to individuals who have purchased a property that costs USD 204,000 or more. To get the five-year visa, ownership of property worth at least USD 1.4 million is required. The amount invested in real estate must not be on loan basis and the property must be retained for at least three years.