Golden Visas for investors with property assets of Dh2 million and more in Dubai should start being issued from October, according to market sources.
The upgrade comes as developers prepare for additional off-plan launches. Those with prices above Dh2 million come with developer guarantees that investors would receive all the assistance they need to obtain the much sought-after 10-year resident visas.
“We made the query with the Dubai Land Department on the 10-year visa and was informed that it’s not started,” said Ranjeet Chavan, Managing Director at Nautilus Properties. “As such, they are still issuing the 3- and 5-year residency visas. We are expecting those for 10 years to be given out from October from the Land Department.” (The 3- and 5-year visas are primarily for businessmen and would allow multiple entries during the period.)
Change launch schedules
The timing of new launches with the official announcement of the issuance of the Golden Visa for real estate purchases would be improved if developers, at least some of them, could postpone them by a week or two. “The final go-ahead from the authorities will be the biggest date in the local property market this year and will bring maximum visibility to any launch happening at the time,” said a source with a developer. “We are waiting for that.”
Market sources confirm that there is pent-up demand for the Golden Visas and that this will be reflected in the new round of off-plan buying in the coming weeks. “There are clients who are just awaiting official word on the processes involved to get the Visa and how soon that will take,” said an estate agent. “There’s serious buying interest from Europe even though the Dubai market still saw a lot of it during summer.”
Dubai property market’s summer streak
In fact, the Dubai Land Department’s statistics support the strong buying trend from June to August, with volumes reaching 10-year highs. Once more, investors who liked the potential of receiving 10-year residencies on owning a home here were a significant part of the market. This could be accomplished by a single asset totaling Dh2 million or more, or by a number of smaller assets adding up to the amount.
“The UAE has had Golden Visas before, but what’s special this time is the Dh2 million level rather than the Dh5 million or Dh10 million earlier,” said the estate agent. “They can also sponsor any number of domestics and the visa will remain valid irrespective of the time they spend outside the UAE.”