Dubai’s post-pandemic real estate rally has pushed prices of apartments and villas above Dh2 million, a key requirement for the 10-year Golden Visa, in many areas of the emirate.
Prices in Downtown, Palm Jumeirah and Dubai Hills have risen massively on the back of demand from local, regional and expatriate investors and residents. Even launch prices for townhouses have crossed the Dh2 million mark this year, compared to Dh1.5 million in the past few years.
The UAE’s prestigious Golden Visa is a sought-after residency among expatriates. This is reflected in the fact that Dubai saw an increase of more than 50 per cent in the issuance of the 10-year residency in the first half of 2023.
Benefits of the Golden Visa
- A long-term, renewable residency visa valid for 5 or 10 years
- Does not require a sponsor
- Can stay outside the UAE for more than 6 months without visa invalidation
- Sponsorship of family members, including spouses and children of any age
- Can sponsor an unlimited number of domestic helpers
- Family can remain in the UAE until the end of their permit period, even if the primary Golden Visa holder dies
As of November 2022, Dubai has issued more than 150,000 Golden Visas to eligible property investors, entrepreneurs, professionals, scientists, outstanding students and others.
Property investors whose assets are worth more than Dh2 million can apply for the Golden Visa by first having their property valued by the Dubai Land Department (DLD). They can apply for the valuation through DLD’s Real Estate Services Trustee Offices and the Dubai REST app and submit the required documents.
Upon receipt of all documents, the department will evaluate the property for a fee of Dh4,000 plus Dh10 each for the knowledge fee and innovation fee, which can be paid by credit card, cash and ePay. The property owner will receive the valuation certificate by email within 1 to 8 working days.
Importantly, an investor can also apply for long-term residency by combining the value of two or more properties to reach the Dh2 million mark.
