Monday, July 22, 2024

Here are Various Visas You Can get After Purchasing a Property in UAE

In the UAE, there are two main types of visas related to property ownership: the Golden Visa and the Property Investor Residence Visa. The Golden Visa is valid for five years, so you don’t have to renew it every two years like other visas. It also allows you to spend unlimited time outside the country, unlike other visas that require you to return within six months. To be eligible for the Golden Visa, you need to own property or properties worth at least Dh2 million.

The Property Investor Residence Visa is for people who want to invest over Dh750,000 in property registered under their own name or Dh1 million if it’s registered under their spouse’s name. This visa works like a regular visa, and you need to come back to the country every 180 days. It can be renewed every two years.

It’s important to note that for both of these visas, you need to fully pay the investment value. If you buy a property for Dh750,000 with a mortgage, it doesn’t meet the requirements. The investment amount must be in the form of equity in the property.

Considering these factors, including the launch of new off-plan properties, I don’t think there will be a decline in the property market anytime soon. The goal is to reach 100,000 transactions this year, which would set a new record for Dubai’s property market. The market is maturing and has a lot of momentum, indicating that it will continue to grow.

Additionally, as China resumes international travel, there’s potential for them to invest in Dubai, which could further boost the market. However, it’s important to keep an eye on secondary transactions driven by end users entering the market. These individuals contribute to Dubai’s growing population as they settle in the city.

Dubai has plans to double its population by 2040, which will create more demand for housing. Currently, there’s a shortage of housing compared to the demand, which is why there are many new off-plan property launches. Developers are aware of these opportunities and are offering competitively priced properties.

However, as the population grows and housing supply increases, we can expect prices to stabilize instead of experiencing a sudden crash. This shows that the market is becoming more balanced over time.

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