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Off-plan home buyers in Dubai now have the option of receiving UAE Golden Visas, provided that their investment is worth at least Dh2 million. Select real estate agents and developers may recommend to the immigration authorities that certain buyers have satisfied the investment requirements and qualify for a 10-year residency permit.
To communicate with the authorities and provide investors with guidance on the procedures necessary for the Golden Visa program, developers are forming internal teams. UAE announced last week that the new regulations for 5- and 10-year visas would go into effect on October 3. Developers, who anticipated that it would favor their off-plan prospects right away, eagerly anticipated the move.
The most eagerly anticipated was the 10-year Golden Visa program for homeowners with Dh2 million in such assets. The Dh2 million is in place of the previous requirement of Dh10 million. Already expected that this action would lead to an increase in demand from both investors and end-user buyers. According to market sources, formalization of the procedure for investors and developers regarding off-plan purchases must be felt almost immediately.
Visa program has already led to a boom in real estate demand, according to Executive Director of Atomic Properties. “Now that applying for the same has become even easier, we have noticed the anticipated rise in demand. As even more people look to relocate to Dubai, particularly through off-plan sales,” said the author.
Visas linked to Dh2 million strategies have already been issued for sales of ready-made property. Between June and the end of September, off-plan sales in Dubai have already surpassed previous records. The month of August saw the best monthly run in ten years.
Obligation of Developers
If the crucial Dh2 million threshold met, developers or real estate agents must steer the process from off-plan purchases to eligibility for the Golden Visa. According to market source, “it could be a single property or a collection of properties worth at least Dh2 million.” Developer must provide the necessary documentation to DLD regarding the investment value before the Oqood certificates can be issued. The application process for a Golden Visa is simple if the value is Dh2 million or more.
If a mortgage used to purchase the off-plan property, the calculations for net asset value are applied. It should be clear that the buyer exceeded the Dh2 million threshold. An industry source stated “a Dh50000 payment on a Dh2 million real estate would not be enough.” The $2 million investment made in person.
Even so, mere fact that procedures are now in place creates new opportunities for market expansion in Dubai and UAE. Moreover, give developers the push they need to expedite off-plan launches in the near future.
For The Golden Visa, Developers Allocate Dedicated Teams
“On behalf of our clients, we have already designated a devoted team to handle all Golden Visa procedures. This team will supervise the entire procedure, from the application process to the visa being granted. In addition, to ensure that information is seamlessly transferred between our buyers and the appropriate authorities. They will also help in gathering all necessary documentation.
“We anticipate this with great enthusiasm and are keen to support all who invest with us. The Golden Visa initiative is a landmark move that not only highlights the UAE’s remarkably welcoming essence. However, will also cause investment in real estate numbers to increase dramatically. This team is prepared and includes both customer service and documentation/authorities staff.