Dubai, UAE- As residential values in Dubai rise by nearly 10% in the Q3 of 2021 as compared to earlier this year, industry executives are more hopeful about the future. Recent data also show that Expo 2020 has a positive impact on property sales, which will reflect in the Q4 market results. Although the property prices in Dubai are still recovering in the post-covid economy and have reached nowhere near the previous market cycle peak of 2014, more FDI is to be expected with the increased foreign footfall in the next six months.

Presently, property investment prospects in Dubai look great, with some areas offering a rental yield of up to 10%. As the market price of most properties is still affordable when compared to other cities in the world, properties in Dubai are a competitive option for non-resident buyers.

With many potential investors looking to buy real estate in the city-state, it is time for a quick recall of the different kinds of visas available for them. Two main investor visas are granted to investors who purchase property in Dubai and anywhere else in the UAE. Nadir Shah, Sales Manager and spokesperson for Vanguard Real Estate Agency in Dubai explains the various visas, what they offer and how to apply for them.

“One of the perks of buying property in Dubai is that you can apply for a residency visa, which will allow investors to travel in and out of the country for the duration of the visa,” says Mr. Shah. “Non-resident property investors can apply for a three-year and five-year visa, both of which can be renewed indefinitely at the end of each term as long as they own properties in the country.”

The three-year residential visa is generally issued to non-resident individuals who own a property worth AED one million or more. The five-year visa requires owning a property valued at AED five million or more. It is interesting to note that investors can also purchase multiple properties in the country, totaling a value of AED five million to be eligible for a five-year visa.

“The investors can apply for their residential visa once they have completed the property purchase. For the visa application, you need to submit a title deed along with passport photos, a copy of your passport, and your current visa or UAE entry stamp. You may also require a Police Clearance Certificate,” explains Mr. Shah.

Having an investor visa is financially beneficial, as you become a tax domicile of the UAE. This means that your profits and investments will no longer be taxed by your home country unless your country has different regulations regarding the same. The visa also entitles you to sponsor your spouse, children, parents, and an additional home help/ nanny if required.

It is to be noted that in case you have joint ownership of a property with your spouse, then both of you are entitled to apply for an investor visa. On the other hand, if you jointly own a property with someone who is not your spouse, you and your partner must each have a share worth AED one million or more, giving a 50-50 stake on a property for either party to obtain the visa. While an investor visa gives you the right to live in the country, it does not give you the right to work.

Interested to learn more about property investment and visa eligibility in the UAE? Talk to the industry experts at Vanguard Real Estate Agency in Dubai today.