Dubai’s Land Department (DLD) has removed the AED 750,000 (about US$204,000) minimum property price rule. Previously, foreigners had to buy a home worth at least this amount to get the 2-year property investor visa. Now, sole owners can apply no matter how much their property costs.
The government also made the rules easier for joint owners (co-owners). Now, each co-owner only needs a share worth AED 400,000 (about US$109,000), instead of the old AED 750,000 rule.
Many international legal firms have confirmed that these new rules are already active.
This is Not the 10-Year Golden Visa
It is important to know that this change is only for the short-term visa. Dubai’s other long-term residency choices have not changed:
- 10-Year Golden Visa: You still need to buy a property worth at least AED 2 million (about US$545,000).
- 5-Year Retiree Visa: You still need to spend at least AED 1 million (for applicants aged 55 and older).
Experts say the 2-year property visa is very similar to a standard work or business visa. It allows you to live in Dubai but does not give you special Golden Visa benefits.
Helping the Lower Property Market
Why did Dubai make this change? Experts say the government wants to help the low-to-mid real estate market. This part of the market has faced difficulties due to recent regional conflicts and trade issues. By removing the price floor, Dubai hopes to bring in more international buyers.
Meanwhile, the expensive villa market and commercial property market are not affected. In fact, office and commercial prices are still rising because supply is low.
The New Rules to Apply
You can now apply for the visa even if your property was cheap, but you must follow these rules:
- The Property Must Be Finished: You need a completed title deed. Unfinished properties (off-plan developments) do not qualify for this visa.
- Bank Loans: If you bought the home with a bank loan, you must get a No-Objection Certificate (NOC) from your bank.
- Other Documents: You still need a good conduct certificate from the Dubai Police and local health insurance.
The official application process is fast and usually takes 10 to 15 working days.
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