In recent years, the UAE government has opened up new opportunities for obtaining long-term residency visas. One such example is property investor visas that are granted in Dubai, and across other Emirates. It’s worth mentioning that over the years, the government has considerably relaxed the criteria for granting these visas. As an example, the authorities recently squashed an eligibility requirement of an AED 1 million minimum down payment for off-plan property investors applying for Golden Visa.

These visas have been a major draw for those seeking opportunities to acquire UAE residency through real estate investment in Dubai. Through this blog, we will discuss the different types of property investor visas in Dubai along with their durations, eligibility requirements, and the procedures required to secure them.

10-Year Golden Visa

The Golden Visa is one of the well-known visa programs for real estate investors in Dubai and is offered by the Dubai Land Department (DLD). The key eligibility requirement for securing this coveted visa is a minimum property investment of AED 2 million in Dubai. It is essential to know that those owning off-plan properties and mortgaged properties can also apply for this visa.

Eligibility Requirements
1. The property investment must be worth at least AED 2 million and must be located in the Emirate of Dubai.
2. The property must be retained for a period of at least 2 years.
3. In case of properties worth less than AED 4 million and jointly owned by a married couple, this visa can be granted to only one individual. Also, the spouse owning the higher amount of share will be considered the primary visa holder. If the property is equally owned then either one of the two individuals may apply. One must bear in mind that the spouse can be sponsored by the visa holder.
4. There should be at least 6 months of validity remaining on your passport.

Document Requirements
1. A title deed stating the property value (not less than AED 2 million). It is essential to note that title deeds issued by the DIFCA and by authorities outside the Emirate of Dubai will not be accepted. The name on the deed must match the name on the passport.
2. Copy of your passport
3. Digital photograph meeting the guidelines set by the Federal Authority for Identity Citizenship, Customs & Port Security
4. Health insurance policy
5. A national ID from your home country (may be applicable for citizens of certain countries like Iran, Afghanistan, etc.)
6. Copy of an old Emirates ID (if applicable)
7. NOC from the bank stating the paid and outstanding amount (applicable for bank-mortgaged properties)
8. Statement of account from the developer (applicable for developer-mortgaged properties)
9. Marriage certificate attested by MOFA and legally translated into Arabic (for jointly owned properties by couples)

2-Year Property Investor Visa

The 2-year investor visa is also issued by the Dubai Land Department (DLD) and is the ideal option for those not eligible for the 10-year Golden Visa. Unlike the Golden Visa which requires a minimum investment of AED 2 million, the 2-year visa can be obtained through a minimum investment of AED 750,000.

Eligibility Requirements

1. The property investment must be worth at least AED 750,000 and must be located in the Emirate of Dubai.
2. In the case of jointly owned properties by married couples, the spouse owning the higher share percentage of the property will be deemed as the primary visa holder if both don’t own equal shares. One must bear in mind that the spouse can be sponsored by the visa holder.
3. There should be at least 6 months of validity remaining on your passport.
4. The property must not be an off-plan or a commercial property in Dubai.
5. In the case of mortgaged properties, at least 50% of the total property value must be already paid.

Document Requirements

1. Copy of the title deed stating the property value (not less than AED 750,000). It is essential to note that title deeds issued by the DIFCA and by authorities outside the Emirate of Dubai will not be accepted.
2. Copy of your passport
3. Digital photograph meeting the guidelines set by the Federal Authority for Identity Citizenship, Customs & Port Security
4. Health insurance policy
5. A national ID from your home country (may be applicable for citizens of certain countries like Iran, Afghanistan, etc.)
6. Copy of an old Emirates ID (if applicable)
7. NOC from the bank/developer and property mortgage statement, stating the paid and outstanding amount (applicable for mortgaged properties)
8. Copy of the initial sale certificate (applicable for properties mortgaged by the developer)
9. Good Conduct Certificate issued by Dubai Police
10. Marriage certificate attested by MOFA and legally translated into Arabic (for jointly owned properties by couples)

InZone Properties is a real estate brokerage based in Dubai, and brings a distinguished portfolio of residential and commercial properties. Reach out to us today and realize your dream of owning a property in Dubai.

On the surface, the buying vs.renting question appears to be an irrelevant one. Those who can afford buying a home in Dubai, will obviously go ahead and own one. And the ones living in rented spaces usually find home buying as an option way above their league. Why ask the question in the first place? But what if we tell you that your rent can be replaced with mortgage installments, making you the owner of the property within a few years. Home buying now sounds like a considerable option right? However, this is not a one-size-fits-all approach. Both owning and renting have their own set of pros and cons. There are several factors along with some basic math that determine what’s ideal out of the two for you.

Factors to be Considered Before You Decide to Rent or Own

Your Financial Situation
Without a doubt, the decision to buy or rent a space majorly relies on your financial status. If you are an entrepreneur fortunate enough to manage a steady stream of profits, or even if you are a salaried professional with a stable job and an income sufficient enough, you can think about purchasing a home. However, you would also need savings decent enough to pour into as the property price or at least as the mortgage down payment. Additionally, a residential property when owned, brings along its own set of expenses, both upfront and in the long run. These could include anything like the agent fee, government fees associated with buying as well as repair and maintenance costs. In a nutshell, to own your own space, you must first assess your financial situation, and only then you may proceed to sign the dotted line.

On the other hand, if you do not have a secure job, or you are running a business that is struggling to bring in regular income, you are better off renting a home in Dubai. And even if you do have regular income, you must be debt-free plus have enough savings to manage at least a downpayment.

Your Future Plans
Even if you can afford it, purchasing a property may not always be the best option for you. If you are likely to relocate elsewhere after the next few years, or do not have any intentions of having investments here, owning a home makes no sense. In this case, renting seems to be the better option. Remember, it is always easier to simply move out of a property when compared to the hassle of selling the property.

However, if you plan on residing in Dubai for a long time, and you are keen on buying an apartment or villa you can call home, and you can indeed afford to buy one, then you must go for it. Besides, purchasing a property might grant you a Golden Visa if you satisfy the applicable criteria. This way you can secure long-term residency along with a property.

Owning a home gives you the stability and control that you may have always desired, and that’s not possible with a rented home. After all, it’s your home and you won’t have to stay with the worry of being asked to vacate some day. You can renovate it the way you wish without the need for someone’s approval. That’s not all. You won’t have to worry about the uncertainty of ever-changing rents. Another great advantage of buying a property is that you are building equity. The mortgage installments that you pay, contribute towards securing an investment for you. Moreover, in a booming market like Dubai, your property value will definitely appreciate over time.

Even if you don’t intend to reside in the property, you can rent it out and cover your mortgage installments through it. Once you have paid off the mortgage, you can have a constant passive income as well.

Conclusion

As we can see, the answer to the buy vs. rent question mainly lies in your future plans and finances. Both renting and buying have their own advantages, and this varies on a person-to-person basis. However, there are other factors as well that can influence your decision to rent or buy. The rental trends, locality, property-type, and the developer offering the property can be included as some of the relevant factors. For more informed insights on such factors, you can consider obtaining the opinion of real estate professionals in Dubai.

InZone Properties is a Dubai-based real estate brokerage, and can assist you in finding properties to buy or rent in Dubai. Get in touch with us right away and find what’s the best solution for your housing needs in Dubai.