UAE: Expats merging properties to get Golden Visa in Dubai

UAE: Expats merging properties to get Golden Visa in Dubai

Expats can obtain long-term residency when investing in property worth no less than Dh2 million

Published: Tue 14 Jun 2022, 1:30 PM Last updated: Tue 14 Jun 2022, 1:54 PM

In April 2022, the UAE visa residency system announced that real estate investors could obtain Golden Visa when purchasing a property worth no less than Dh2 million. This has encouraged many Dubai residents to invest or merge their properties to reach the Dh2 million milestone to be eligible for long-term residency.

Real estate industry executives and investors who got Golden Visa for buying Dh2 million worth of property acknowledge that Golden Visa motivates people to buy more and is also a great tool to retain people in Dubai post Expo 2020.

“Golden Visa is a cherry on the cake to motivate people to buy more. A golden visa is also a great tool to retain people post-Expo 2020 Dubai. People earlier used to buy one bedroom, and now they’re trying to club a deal to reach Dh2 million mark so that they can get the Golden visa,” said Imran Farooq, CEO of Samana Developers.

He said demand for two-bedroom units has increased while many investors also take two one-bedrooms to reach Dh2 million.

“We have seen