Question: I am interested in getting a UAE golden visa through property investment. What is the minimum value of property that I should buy to be eligible to apply for a golden visa? Are there any other criteria I should fulfill if I try to apply through property investment?
Can I buy a property anywhere in the UAE if I want to apply for this visa?
Also, what is the process to apply for this visa as a property owner? Should it be a ready or off-plan property? Which department should I approach to apply for this visa? What documents need to be uploaded and on which website?
If I already own an investment property with a value below Dh1 million ($272,295), does this make me eligible to be a golden visa holder? Do these rules apply to both residential and commercial properties? SG, Dubai
Answer: Obtaining the 10-year golden visa requires you to invest in a property with a value of at least Dh2 million. This can be one property or several units that add up to at least Dh2 million, including ready or off-plan.
Previously, there was a need to pay at least 50 per cent as a down payment to be eligible, but this requirement has now been removed. Also, buying this property through a mortgage is now allowed, but only through specific local banks approved by the competent local entity.
Final approval of the golden visa application still depends on the Dubai Land Department and is viewed on a case-by-case basis, ensuring a fair and personalised evaluation of each applicant.
Other points of note for eligibility are that you must be a non-UAE citizen, you must have a valid passport and a clean criminal record. Lastly, the property must be in the UAE and be freehold to apply. You can approach any government offices or individuals, as well as law firms, who will assist you in this regard.
Owning an investment property below Dh1 million will not give you access to a golden visa. You can either go on to purchase an additional property, where the combined values add up to at least Dh2 million, or you can apply for the ordinary investor visa, where the criteria is buying a property worth a minimum of Dh750,000.
Q: I am keen to buy a property in Dubai. I have done many viewings, but am not satisfied with the property size.
It seems very rare to find spacious units. Is this a problem across all new builds? Are there any communities that offer larger properties? MM, Dubai
A: It’s true that despite recent years of property price increases, developers have been looking at ways of keeping costs down and the only way to do this is by building smaller units.
The average size of a property sold this year stands at 1,450 square feet, whereas in 2021 this figure was 2,087 square feet. The average price per square foot is now Dh1,490, up from Dh889 in 2012, and is currently the highest on record.
This shrinking size is a real problem and I’m not sure we will ever get back to previous build sizes. When it comes to areas with spacious apartments, you will still find good-size properties in older units in most projects around Dubai, but I will highlight a few here for you.
Executive Towers in Business Bay and Emirates Crown in Dubai Marina offer spacious units, but these now will have caught up in pricing as well, given the spaces they offer.
For example, in Executive Towers, a three-bedroom apartment ranges from 2,048 square feet, a two-bedroom is about 1,422 square feet and a one-bedroom is about 1,155 square feet.
In Emirates Crown in Dubai Marina, a three-bedroom is a whopping 3,885 square feet. A two-bedroom is 2,600 square feet and a four- to five-bedroom unit is about 7,771 square feet. But in terms of prices, they all range from Dh1,200 to Dh1,700 per square foot, so you get the sizes but you’re still paying large sums of money for the unit.
Mario Volpi is head of brokerage at Novvi Properties and has worked in the property sector for 40 years in London and Dubai. The opinions expressed do not constitute legal advice and are provided for information only. Please send any questions to mario@novviproperties.com
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