Acquisition of real estate in Dubai by the year 2022. Purchasing real estate while in possession of a residence permit. The most up-to-date database of properties available in the most desirable locations across the emirate.
Everything you need to know to make an informed decision about purchasing property in Dubai
Visitors come from all over the world to experience Dubai because of its unique qualities. In addition to its unusual climatic conditions, the city is well-known for the exceptional quality of life it provides. It is much simpler to readjust to life in a new nation when the vast majority of the population is comprised of former foreign residents. Housing that has already been constructed is in high demand, but there is also a market for housing that is still in the planning stages. As evidence of the rising demand for real estate in the UAE across the globe, by 2021 there had already been transactions totaling $41 billion in Dubai alone. In order to be of assistance to those individuals who intend to acquire a residency visa in order to purchase property, we will take a more in-depth look at the information that they require.
In order to purchase a house or apartment in the United States, you are required to have a valid visa.
This type of document is frequently referred to as a “residence permit” in common parlance. You will be allowed to remain in the country legally for the amount of time that is specified in the document. It is of the utmost importance to keep in mind that acquiring a resident visa in the United Arab Emirates through the purchase of real estate will not grant you the ability to find employment in the country. This is an alternative to citizenship, which is very hard for non-citizens to get in the country where this option is being offered. The following categories fall under investor visas:
- Those who purchase property with a value of more than $204,000 are eligible for a visa valid for three years.
- For an investment of at least $544,000 in a single project, one is eligible to apply for a visa valid for a period of five years.
- The ten-year visa is notable for being one of the most expensive types of visas. In order to complete the registration process, you will need to purchase real estate in other nations with a value of at least $2,722,000.
The value of a property is unaffected by whether or not it is purchased with the intention of living there permanently or only as an investment. When applying for a visa, the applicant must prove that they possess a certain quantity of property that meets the requirements set out by the immigration department.
Is it possible to get a visa if you purchase a house with a mortgage in another country?
When applying for a visa in Dubai for a period of three years or five years, you are required to have returned at least half of any money borrowed from the bank. A ten-year visa does not allow for the possession of mortgage money. Registration for mortgages may often be completed without difficulty in the United Arab Emirates by foreign nationals. When purchasing their first house, prospective purchasers might anticipate receiving a loan for up to 80 percent of the property’s purchase price, on average. The maximum amount of the loan is established not only by the kind of property that is purchased, but also by the borrower’s capacity to repay the loan. If you pick an installment plan that is given by the developer, purchasing a home before it is even built might be an even more beneficial financial decision. In order to be eligible for a visa, the housing stock must have been commissioned and the entire payment must have been made.
Where can one find the real estate that is in the most demand?
It is not unheard of for expats to opt to reside in the metropolitan centre of the emirate or along the coastline of the country. The districts of Dubai Marina and Palm Jumeirah are considered to be the two most notable in the city. At this time of year, residential real estate is fetching its highest prices ever on the market. Downtown Dubai and Business Bay are quite close in terms of how popular they are, just behind each other. If you would rather live in a house than a flat or an apartment, you may want to look into the neighborhoods of Dubailand and Arabian Ranches. Both of these communities provide a variety of housing options. These are only a few of the various neighborhoods that make up the city, but there are many more to choose from. You may get more information about the city’s infrastructure and the many real estate alternatives that are available from developers and local authorities by visiting the official website, which is located at https://emirates.estate/.