Mon, May 20, 2024 | 12 Dhul-Qadah 1445
Mon, May 20, 2024 | 12 Dhul-Qadah 1445
In the wake of the post-pandemic era, Dubai's real estate market has witnessed a significant surge in property values, particularly in areas such as Downtown, Palm Jumeirah, and Dubai Hills. This unprecedented rally has propelled the prices of apartments and villas to exceed Dh2 million, a crucial threshold for securing the coveted 10-year Golden Visa. The demand has been driven by a diverse range of investors, both local and international, as well as residents seeking to capitalize on this remarkable opportunity.
Historically, the price point for eligibility in the Golden Visa program was set at Dh1.5 million for properties. However, this year has seen a notable shift, with even townhouses now exceeding the Dh2 million mark. This remarkable surge in property values underscores the attractiveness of the UAE's Golden Visa, a highly sought-after residency option among foreigners.
Holders of the Golden Visa can enjoy a residence visa that is valid for either 5 or 10 years, offering stability and security for those seeking a long-term presence in the UAE.
Unlike many other residency options, the Golden Visa program does not necessitate a sponsor, giving individuals greater autonomy over their stay in the UAE.
Golden Visa holders can travel outside the UAE for more than 6 months without their visa becoming invalid, providing a level of freedom unparalleled by other visa categories.
One of the most attractive features of the Golden Visa is the ability to sponsor family members, including spouses and children of all ages, allowing families to stay together in the UAE.
Additionally, Golden Visa holders can sponsor an unlimited number of domestic helpers, facilitating a comfortable lifestyle in the UAE.
In the unfortunate event of the primary Golden Visa holder passing away, their family members can continue to stay in the UAE until the end of their permit duration.
The appeal of the Golden Visa program has not gone unnoticed, with Dubai experiencing a remarkable 50 percent increase in the issuance of 10-year residencies during the first half of 2023.
As of November 2022, Dubai had already granted more than 150,000 Golden Visas to eligible individuals, including property investors, entrepreneurs, professionals, scientists, outstanding students, and others.
For property investors looking to secure the Golden Visa, it's essential to ensure that their property's value exceeds Dh2 million. To begin the application process, investors should have their property evaluated through the Dubai Land Department (DLD). This can be done by applying for an evaluation through DLD's Real Estate Services Trustee Offices or the convenient Dubai REST app.
The evaluation process incurs a fee of Dh4,000, along with additional charges of Dh10 each for knowledge and innovation fees, which can be conveniently paid by credit card, cash, or ePay. Once all required documents are submitted, the property owner can expect to receive their evaluation certificate via email within 1 to 8 business days.
Crucially, investors have the flexibility to combine the value of two or more properties to reach the Dh2 million threshold, providing a practical avenue for those looking to achieve Golden Visa eligibility.
Dubai's dynamic property market and the allure of the Golden Visa continue to attract global interest, offering investors and residents an exceptional opportunity to secure long-term residency in this vibrant city. With the ongoing rally in property prices, the appeal of the Golden Visa program is set to remain stronger than ever.
