Dubai's off-plan buyers can get Golden Visa

Dubai's off-plan buyers to get Golden Visa on Dh2m Property asset.

The way has been cleared for offplan property buyers in Dubai to be granted UAE Golden Visas, provided their investment value totals Dh2 million and over. Select developers and estate agents can submit recommendations to the immigration authorities that these buyers have met the investment guidelines and can be issued with the 10-year residency status.

Developers are forming internal teams to liaise with the authorities and advise investors on the processes required for the Golden Visa programme. It was last week that the UAE confirmed the new rules for longer term visas – 5- and 10-year – effective October 3. Developers had been awaiting such a go-ahead, expecting the move to immediately benefit their offplan prospects.

The 10-year Golden Visa programme for property owners with Dh2 million in such assets had been the most eagerly anticipated. The Dh2 million replaces the Dh10 million requirement needed earlier. It is anticipated that this move would trigger increased demand from end-user buyers and investors alike. The formalization of the process for investors – and developers – on offplan purchases should be felt almost instantly, according to market sources.

“There has already been burgeoning demand in the real estate sector because of the visa scheme,” said Muhammad Imran Khan, Executive Director of Atomic Properties. “Now, with further ease in applying for the same, we have seen the anticipated increase in demand as more people look to move to Dubai, especially through offplan sales.”

On existing and ready property sales, visas linked to Dh2 million schemes have already been issued. Offplan sales in Dubai between June to end September have already hit new highs, with the August figures delivering the best monthly run in 10 years.