Dubai's reputation as a safe haven for investment has been damaged during the recent US-Israel and Iran conflict, during which numerous attacks took place within the territory of the UAE, housing multiple US bases. To support economic activity, especially in the real estate market amid disruptions, Dubai has removed the minimum property value threshold for its two-year property-linked resident visa for individual buyers.
According to an update posted on the Cube Centre, which is linked to the Dubai Land Department, the Emirate eliminated the AED 750,000 (Rs 1.9 crore) minimum property value requirement for individual buyers but instituted an AED 400,000 (Rs 1.03 crore) minimum stake per investor for jointly-owned assets.
According to industry experts, the move will increase the number of mid-tier investors in the market and help in the revival of economic activities.
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To be eligible to apply for a resident visa, each investor in a jointly owned property must possess a share of at least AED 400,000. In the past, even for joint properties, each investor needed to make a minimum investment of AED 750,000 in order to qualify for the two-year visa, with the exception of couples who were joint owners.
Even if it opens the door for solo buyers of any budget, the new AED 400,000 floor for joint owners guarantees that the market does not become a "visa-pooling" game, experts caution. Simultaneously, the elimination of the minimum property value requirement for sole proprietors is a clear invitation for the international mid-market to establish itself in Dubai.
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