Dubai Implements More Flexible Criteria for Golden Visa

Dubai removed the requirement for property buyers to make a minimum down payment of AED 1 million from the requirements for acquiring the Golden Visa. The revised regulation now permits owners, even those who choose payment plans or mortgages, to apply for the long-term visa if the property's value surpasses AED 2 million, regardless of the amount of the upfront payment.

The title deed to the property, a letter from the developer, a bank mortgage document, a copy of their passport, and a photo are required for those applying for the 10-year residency. For the same ten-year period, Golden Visa holders may sponsor their parents, children, and spouses.

With the extension of the Golden Visa option to almost all property owners in Dubai—where the majority of choices are valued above AED 2 million—this modification benefits a broad spectrum of purchasers and end-users. With this change, individuals can now obtain a visa if they use mortgages to cover 20% of the property's worth.

Dubai has a range of home payment options, from one-month installments to longer-term arrangements that last five to twenty-five years following a down payment. Mortgages are able to pay for up to 80% of the value of a home.

In recent years, the UAE real estate market—especially in Dubai—has seen notable price hikes. In desirable neighborhoods like Palm Jumeirah and Downtown, the value of luxury segments has doubled. Mortgage transactions are predicted to increase in 2024 despite cash transactions still controlling the market. This is because interest rates are predicted to decline by as much as 100 basis points.