Expansion of Golden Visa Eligibility for Townhouse Buyers in Dubai
Industry insiders have noted a significant expansion in the eligibility criteria for Dubai’s Golden Visas, with nearly all townhouse buyers now qualifying, thanks to property prices exceeding the Dh2 million threshold.
The surge in real estate values during the pandemic has led to more residents meeting the requirements for Dubai’s coveted Golden Visa residency status.
As prices have crossed the Dh2 million mark and new townhouses are being introduced at Dh2 million or more, experts in the field assert that almost all townhouse purchasers are now eligible for the 10-year Golden Visa.
Foreign investors are particularly drawn to the Golden Visa, as it offers significant advantages. Farooq Syed, CEO of Springfield Properties, shared that they are receiving inquiries from investors seeking properties valued at Dh2 million or more to secure the 10-year visa.
He also noted substantial price increases in apartments located in areas like Downtown, Palm Jumeirah, and Dubai Hills. Consequently, end-users who originally purchased these properties for Dh1.5–Dh1.8 million now have assets valued at over Dh2 million.
The post-pandemic rebound and the growing demand for residential properties from both local and international investors have contributed to a significant upswing in property prices in the emirate in recent years.
In the 12 months leading up to August 2023, average prices surged by 19.6%, up from 18.1% a month earlier, according to real estate firm CBRE. During this period, average apartment prices increased by 20%, while average villa prices rose by 17.3%.
The government’s introduction of several long-term resident permits for foreigners has also attracted a substantial number of experts and investors from abroad, particularly in the real estate sector.
Newly introduced townhouses now come with price tags ranging from Dh2.5 million to Dh3 million, as noted by Farooq Syed. He mentioned, “Regular townhouses used to start at Dh1.5 million, but now they cost Dh2.5 to Dh3 million.”
As property prices continue to rise, more individuals are becoming eligible for the Golden Visa, stated Junaid Merchant, CEO of VA Properties. He also highlighted that the long-term visa application process has been simplified, with many people applying with the intention of making Dubai their permanent home.
Even though the Golden Visa has a five-year validity, it is an attractive option, especially for those whose assets are valued above Dh2 million. They can apply for an evaluation through the Land Department, which will issue an evaluation certificate for a fee. Based on this certificate, individuals can then apply for the Golden Visa.