Real estate developers headquartered in the United Arab Emirates want to maximize their profit from the Golden Visa program by providing qualified consumers with enticing incentives, such as covering the cost of applying for the UAE Golden Visa.
According to data released by Dubai Land Development (DLD), the Dubai real estate market recorded AED 22.7 billion in sales in June, the highest sales figures in the last 13 years and accounting for nearly 71% of total 2021 sales volume.Real estate developers in the United Arab Emirates are looking to take advantage of the Golden Visa scheme as property demand increases.
As part of the UAE’s plan to attract additional investments and boost the benefits for long-term residents, those who purchase property off-plan or with a mortgage now have the option to obtain 10-year residency in the UAE through a Golden Visa. This is in addition to the option that was previously available.
For the UAE’s real estate industry, the Golden Visa laws are a “game-changer,” adding to the momentum it has gained over the previous 18 months. The flexible requirements for obtaining the 10-year residence through real estate will encourage additional foreign investment in the country.
According to Lynnette Sacchetto, a UAE-based real estate industry consultant, “The fact that you can get a Golden Visa now when purchasing a secondary or off-plan property for AED2 million, which can be mortgaged, pretty much covers all common scenarios for not only investors but also for UAE residents who own property.”
Developers in the UAE are not unfamiliar with this method, as other real estate enterprises take advantage of the loosened Golden Visa regulations.
For its qualifying clients, Dubai-based Samana Developers is covering the cost of getting a UAE Golden Visa.
In recent months, the number of international investors enquiring about the UAE property market has increased. In response, the firm has established a “one-stop service” to help investors acquire the 10-year visa.
The service is, of course, restricted to individuals who match the UAE’s visa eligibility requirements, which include the purchase of AED 2 million worth of property in the nation.
The developer has witnessed investors combining two houses to achieve the AED 2 million level required to obtain the Golden Visa, while the demand for two-bedroom flats has increased. To qualify for the visa, many investors would also require two studio apartments.
According to the developer, the majority of Golden Visa property purchasers are Europeans, Africans, and citizens of the Commonwealth Independent States (Russia, Ukraine, etc.).
Recently, the United Arab Emirates considerably reduced the needed property investment amount to qualify for the Golden Visa. The new restrictions, which go into effect in September of this year, do not specify whether the apartments are completed or under construction, or whether they are paid for with a mortgage or in cash.