Before embarking on your property purchase journey in Dubai, it’s essential to equip yourself with the details of the property you’re interested in, understand the buying procedure, and grasp the essential information every property owner must know.
This is particularly true for property for sale in Palm Jumeirah or others that offer luxurious living options in one of Dubai’s most prestigious areas of expertise and can significantly simplify your investment experience, reassuring you.
Can One Purchase Property in the UAE Without Engaging a Property Broker?
While it’s possible to purchase property in the UAE without a real estate agent, it’s essential to consider the financial benefits that a broker can bring. Bypassing the typical 2% broker’s fee may seem financially advantageous. However, for most, property investment represents a significant financial commitment, and ensuring its proper execution is paramount. Therefore, engaging the services of a qualified property broker or firm can be a wise investment, making you feel informed and confident in your decision.
Does Purchasing Property in the UAE Qualify Me for a Residency Visa?
Investor Residence, Visa Property investors have the opportunity to acquire real estate within the UAE’s Freehold Zones, gaining eligibility for a 2-year residency visa. It’s crucial for investors intending to secure a loan to be prepared to pay a down payment of 50%. The required investment varies depending on the number of property owners. For individual investors, the minimum investment is set at AED 750,000.
The minimum investment for spouses registering property jointly rises to AED 1 million. This visa also allows for the inclusion of a spouse and children under the age of 18 in the application.
Five-Year Residence Visa (Green Visa) For eligibility under this category, the investment must involve a property with a gross value of at least AED 2 million, purchased through an approved local real estate firm. Financing for this investment can be obtained from selected local banks.
The investor is required to maintain ownership for a minimum of two years. Additionally, the investor must invest in one or more off-plan properties appreciated at a minimum of AED 2 million from approved developers.
10-Year Residence Visa (Golden Visa) The Golden Visa now extends to investors owning property worth AED 2 million without specific conditions on the down payment or the property’s status (including off-plan, completed, mortgaged, or unmortgaged properties). This revision broadens the range of property investment opportunities for long-term residency in the UAE.
Valued for its 10-year duration and renewable on the same terms, the Golden Visa offers investors ample time to immerse themselves in the UAE community, fostering investment growth. The extended stay is beneficial for gaining insights into the local business ecosystem, customs, and cultures, enhancing prospects for establishing new business connections, and expanding investment portfolios.
Application for these visas requires submitting documents such as the property’s title deed, a good conduct certificate, bank statements, and a copy of the passport with the visa page.
Investing in property and maintaining it long-term is a wise strategy, and Dubai offers a remarkable return on property investments compared to other global metropolises. To answer your query, yes, purchasing property in the UAE is possible without holding a residence visa. This opens up a world of opportunities for non-residents, making you feel optimistic and excited about the potential of your investment.
