The robust resurgence of Dubai's property market in the aftermath of the COVID-19 pandemic has propelled the prices of apartments and villas beyond the Dh2 million threshold. This benchmark is significant as it qualifies individuals to apply for a coveted 10-year Golden Visa in the emirate, and it's now being met across various areas of Dubai. Areas such as Downtown, Palm Jumeirah, and Dubai Hills have witnessed a remarkable surge in property prices. This upswing is attributed to heightened demand from a diverse group of investors, including local, regional, and international buyers, as well as residents. Even the initial prices of townhouses have surpassed the Dh2 million mark in the current year, compared to Dh1.5 million in the preceding years. The UAE's prestigious Golden Visa program has become an increasingly sought-after residency status among foreign nationals. The surge in demand is evident from the fact that Dubai reported a more than 50% increase in the issuance of 10-year residency visas during the first half of 2023. *Benefits of the Golden Visa include**: - A renewable residence visa valid for 5 or 10 years
- No requirement for a sponsor
- The ability to stay outside the UAE for more than 6 months without the visa becoming invalid
- Eligibility to sponsor family members, including spouses and children of all ages
- The ability to sponsor an unlimited number of domestic helpers
- Assurance that family members can remain in the UAE until the end of their permit duration, even in the unfortunate event of the primary visa holder's passing. As of November 2022, Dubai had already issued over 150,000 Golden Visas to eligible recipients, including property investors, entrepreneurs, professionals, scientists, outstanding students, and others. Property investors whose property values have surpassed the Dh2 million threshold can apply for the Golden Visa by initiating a property valuation process through the Dubai Land Department (DLD). This can be done by applying for an evaluation through DLD's Real Estate Services Trustee Offices or the Dubai REST app and subsequently submitting the necessary documentation. Once all documents are submitted, the DLD will conduct a property evaluation, which incurs a fee of Dh4,000 along with additional fees for knowledge and innovation. These fees can be paid using various methods, including credit cards, cash, and ePay. The property owner will receive an evaluation certificate via email within 1 to 8 business days. Importantly, investors also have the option to combine the value of two or more properties to meet the Dh2 million requirement for long-term residency application purposes.
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