If you are an expat and are planning to buy property in the UAE, here is almost everything you need know including the visa options.
It is a known fact that if you own a property in the UAE, it can likely get you a Golden Visa. But here is the deal – you need to own a property or multiple properties which has a minimum equity value of AED 2 million! If you are eligible, you can obtain the Golden Visa and enjoy all the benefits that comes with it, including 5-10 years of visa validity with automatic renewal and being able to spend unlimited time outside the country!
Another visa a property owner in the UAE can possibly avail is the Property Investor Residence Visa. For this visa, one must have invested in a property worth at least AED750,000 under their own name or of AED1 million registered under their spouse’s name. This visa is similar to the standard visa, where the visa holder should not stay away from the country for more than 6 months and also renew it every two years.
The catch for both these visas is that the investment value must be fully paid and should not involve a mortgage. That is, a person who can afford to buy a property or properties worth AED750,000 can easily avail the Property Investor Residence Visa!
The property boom in Dubai is in its high at the moment yet people are showing much interest in the Dubai Property market. In fact, the price per square foot is increasing even in areas that are not considered prime, and there are still takers. The population is most likely going to expand in the coming years, and there will be more development projects around the State. UAE is going to flourish even more and this is the right time to invest in a property and obtain a visa for yourself!