Surge in Dubai Golden Visas: How Prices Above Dh2 Million Are Driving the Demand
In recent times, Dubai’s property market has witnessed a significant surge, especially in apartment and villa prices exceeding Dh2 million. This sudden spike in property rates has brought about a new opportunity for many investors and residents – the chance to apply for a 10-year Golden Visa. This article delves into the factors contributing to this rally and the areas experiencing the highest price increases. It also explores the benefits of securing a coveted Golden Visa in the United Arab Emirates.
The Dubai Property Rally
- Downtown, Palm Jumeirah, and Dubai Hills: These prime areas have seen a massive surge in property prices. Demand has surged from local, regional, and foreign investors, as well as residents. Even townhouses, which traditionally had lower price points, have crossed the Dh2 million threshold this year, compared to Dh1.5 million in recent years.
- Golden Visa Surge: Dubai has experienced a remarkable increase in the issuance of 10-year residency visas during the first half of 2023, with a staggering 50% rise. This Visa is highly sought after by foreigners for its exceptional benefits.
Benefits of the Golden Visa
- Long-Term Residency: The Golden Visa offers a long-term, renewable residence visa valid for 5 or 10 years. This provides stability and security to investors and their families.
- Independence: Unlike many other visas, this Visa does not require a sponsor. Rather, it grants individuals more autonomy in their stay in the UAE.
- Flexible Travel: GoldenVisa holders can stay outside the UAE for more than 6 months without their visa becoming invalid, offering freedom and convenience.
- Family Sponsorship: Holders can sponsor family members, including spouses and children of all ages, allowing families to stay together.
- Domestic Helpers: The visa permits the sponsorship of an unlimited number of domestic helpers, making life more comfortable for families.
- Legacy Preservation: Even in the event of the primary visa holder’s passing, their family can continue to reside in the UAE until the end of their permit duration.
Securing the Golden Visa
- Property Evaluation: Property investors seeking a Golden Visa must have assets valued at or above Dh2 million. To begin the process, they need to get their property evaluated through the Dubai Land Department (DLD).
- Evaluation Procedure: Investors can apply for property evaluation through DLD’s Real Estate Services Trustee Offices or Dubai REST app. A fee of Dh4,000, along with additional knowledge and innovation fees, is applicable. Payments can be made by credit card, cash, or ePay.
- Certificate Issuance: After submitting the required documents, the Department will evaluate the property. After that, it will issue an evaluation certificate via email, typically within 1 to 8 business days.
- Pooling Property Values: Importantly, investors can also combine the value of two or more properties to reach the Dh2 million threshold for long-term residency eligibility.
In conclusion, Dubai’s booming property market has created a unique opportunity for investors and residents alike.
With property prices soaring above Dh2 million in sought-after areas, many are now eligible to apply for the Golden Visa. This offers a unique opportunity for long-term residency in the United Arab Emirates. This surge in Visa applications reflects the allure of Dubai’s real estate market and the array of benefits this long-term residency offers to individuals and their families.
Frequently Asked Questions (FAQs)
1. What is the Dubai Golden Visa? The Dubai Golden Visa is a long-term, renewable residence visa that is valid for either 5 or 10 years. It offers various benefits, including family sponsorship and flexibility in travel.
2. How can property investors apply for the Golden Visa? Property investors can apply for the Golden Visa by ensuring their property assets are valued at or above Dh2 million and completing the evaluation process through the Dubai Land Department.
3. Can Golden Visa holders sponsor their family members? Yes, this visa holders can sponsor their family members, including spouses and children of all ages, allowing families to reside together in the UAE.
4. Is there a fee for property evaluation for the Golden Visa? Yes, there is a fee for property evaluation, which includes the evaluation fee itself, knowledge fee, and innovation fee. The total cost can be paid using various payment methods.
5. What happens to the Golden Visa in case the primary visa holder passes away? Even in the unfortunate event of the primary Golden Visa holder’s passing, their family members can continue to reside in the UAE until the end of their permit duration.
