In a notable policy shift, the UAE has eliminated the AED1 million minimum downpayment requirement for obtaining a golden visa through real estate investment. Now, investors only need to acquire properties valued at AED2 million or more to qualify for the 10-year renewable residency scheme introduced in 2019.
This move is seen as a strategic decision, allowing a more diverse range of investors to access the golden visa and injecting new life into the real estate market. The previous requirement, particularly for mortgage or installment plans, necessitated a minimum downpayment, creating a financial barrier for many potential applicants.
Vinayak Mahtani, CEO of bnbme holiday homes, confirmed that the downpayment is no longer mandatory. “Starting now, if the property is worth AED2 million, you can get a golden visa, regardless of whether it’s off-plan, completed, mortgaged, or not mortgaged,” he explained.
This change is expected to stimulate the real estate sector, providing a boost to the market’s energy and long-term growth. Despite earlier concerns about a possible price drop, industry experts believe that Dubai’s real estate market remains underpriced compared to global cities. The removal of the downpayment requirement is anticipated to attract more investors, especially in off-plan properties, fostering the golden visa process.
In conclusion, the UAE’s decision to eliminate the minimum downpayment for the golden visa in real estate is poised to reshape the market, making it more accessible and appealing to a wider audience. Investors and industry stakeholders are optimistic about the positive impact this move will have on Dubai’s real estate sector and its competitiveness on the global stage.
