UAE Golden visa updation in 2024

UAE Golden Visa no longer imposes a minimum payment threshold.

To boost the Dubai real estate market, the emirate has removed the need for a minimum down payment to qualify for the UAE Golden Visa when buying property. This change, which is more favorable to mortgage seekers, opens up new possibilities for investors seeking long-term residency and positively impacts the city’s property landscape.

Previously, for the 10-year Golden Visa, it’s required to pay a minimum of AED 1 million upfront to qualify for the coveted visa through property ownership.
Now, the buyer does not have to pay 50% of the total sum to be eligible for the visa. That is, if your mortgaged property in Dubai is valued over AED 2 million, you can qualify for the Golden Visa, regardless of your initial down payment amount.
Although the stipulation for a down payment has been waived, to qualify for golden residency, real estate investors in Dubai must have a property valued at a minimum of Dh2 million, according to the Dubai Land Department.

This policy shift reflects market trends, where cash transactions, though common, lag behind rising property prices. In Q3 2023, only 33% of transactions were mortgages, while 67% were cash deals. Anticipated interest rate drops in 2024 may drive a surge in mortgages, further fueled by the Golden Visa incentive.

In summary, Dubai’s decision to ease restrictions on the Golden Visa marks a strategic change, offering easier access to residency and promoting a future driven by mortgages in its vibrant real estate sector. This step is expected to draw a broader spectrum of investors and entrepreneurs, further enhancing the emirate’s ongoing economic and social vitality.