Unlock Your Dubai Golden Visa: With Just a Down Payment on a 2 Million AED Property

The requirements for obtaining the Dubai Golden Visa have been relaxed, eliminating the need for a minimum down payment of Dh1 million for property buyers. Now, if a property is valued at over Dh2 million, owners who are paying through a payment plan or a mortgage are eligible to apply for this long-term visa.

This is according to an announcement made by an executive, as reported by Khaleej Times. Property owners can apply for a 10-year residency, regardless of the initial amount paid.

Firose khan, the managing director of Profound Business Service in Dubai, noted that even off-plan properties might be eligible on an individual basis. Applicants are required to provide the property’s title deed, a letter from the developer or a bank mortgage document, along with a passport copy and photograph.

Jess Stephenson, the head of sales progression at Allsopp & Allsopp Group, also confirmed to Khaleej Times the removal of the Dh1 million minimum payment requirement. The primary condition for Golden Visa eligibility is that the property’s value should be Dh2 million or more. Stephenson highlighted that this change allows everyone with a mortgage to be eligible for the visa, particularly those who have paid 20% of the property’s value, which is a common practice for mortgages.

This adjustment is expected to benefit many buyers and end-users, as it makes the Golden Visa accessible to a larger group of property purchasers, especially since most properties in Dubai are valued over Dh2 million. Those who have bought properties on a mortgage are now in a position to apply for the Golden Visa.

In Dubai, the payment plans for homes vary, ranging from 1% monthly payments to schemes extending from 5 to 25 years after an initial down payment. Regarding mortgages, financing can cover up to 80% of the property value.

Over the past few years, property prices in the UAE, particularly in Dubai, have seen a significant increase, with the peak occurring in 2023. This rise in prices, led by the luxury market segment, has been especially notable in high-demand areas like Palm Jumeirah and Downtown, with some locations witnessing a near doubling in prices.

ValuStrat, a real estate consultancy and advisory firm, reported that the majority of property transactions in Dubai are made by cash buyers. In the third quarter of 2023, Dubai’s real estate market saw 8,238 mortgage transactions compared to 16,485 cash transactions. However, the number of buyers opting for mortgages is expected to rise in 2024 due to a forecasted decrease in interest rates by up to 100 basis points.

The UAE offers self-sponsored long-term residency to various groups, including investors, entrepreneurs, scientists, exceptional students and graduates, humanitarian leaders, and frontline heroes.