How Can I Buy Property in Dubai?
Lady luck is on those who are planning to venture into the property market in Dubai. When you tap into this market, you can secure a permanent residence in the emirate.
However, there are several rules that you must qualify for to be eligible for this kind of offer when purchasing a property in Dubai.
But if you research the internet, you will be confused by the overwhelming amount of answers regarding this question. The information out there is contradictory, but this article is here to set the record straight and answer all your worries.
Let's get started, shall we?
The Value of the Property
For the available visa options, you must be willing to spend at least AED 1 million, according to the cost of the land as in the deed, and not the property's value when making applications for the visa.
If a building has several owner, the shared amount should be more than AED 1 million. Remember, this amount is for a single title deed. Hence, you can't combine your funds to secure the residence visa.
One of the essentials is the applicant's official should be in the property's title document and the application. You can’t apply for residence permit for off-plan projects. Also remember, the visa is intended for freehold projects only.
Type of Properties
Residential projects qualify for visa applications and not commercial units. Besides, the property bought must be in excellent condition to occupy. In short, it should be viable for human survival.
The investor visa cost ranges from 13,000 to 15000 dirhams. Other related fees include admin fees, which is 420, police clearance certificate at 220, the application fee of 3000, DED fee of 8440, entry permit at 1100, while other costs dependents and spouses range between 5000 and 6000 dirhams.
The cheaper one- 6-month visa expenses about 2200. Renewable for 1100 half yearly, and 250 dirhams for Dependents.
You must have a minimum revenue amount of 10,000 dirhams per month from abroad or in Dubai. The proof of revenue is also paramount.
- Passport copies
- Property's title deed.
- Good conduct certificate.
- Utility bill
- Visa copy and status.
- Bank statements.
Benefits and Setbacks of This Approach
For one, to get this visa, be ready to acquire a property in Dubai. If you are willing to do this, then this is the most ideal solution. However, if you are not willing to invest in a Dubai property yet, you may want to consider getting a visa via company registration.
Property visas last for two years, while for free zone business registration, it is valid for three years. But with the visa, you can't work in Dubai. However, you get the same right with a company visa.
So, this is all the basic information you need to know. But if you need a professional to help you with property purchase in Dubai, contact us real estate brokers at Aras Real Estate. We’ll get in touch immediately