Movement To Dubai in Real Property Acquisition: Everything a Buyer Should Know
The uniqueness of Dubai attracts the foreigners from all over the world. The city is famous not only for its special climatic conditions, but also for its high standard of living. About 90% of the population are expats, which facilitates adaptation when moving to permanent residence. Not only ready-made housing is in demand, but also the Best Off-Plan Projects in Dubai for Investment. The sales market of the year clearly demonstrates the interest in the UAE real property: the total value of transactions in Dubai in 2021 alone amounted to $41 billion. Let’s consider what is necessary to know for those who plan to obtain a resident visa when buying real property.
What is necessary to obtain a resident visa when purchasing an apartment or house
This document is often also referred to as a residence permit. It allows you to stay in the country legally for a certain period of time. It is important to bear in mind that a residence visa through the real property purchase allows you only to live in the UAE, but not to work. This is a kind of alternative to citizenship, which is extremely difficult for a foreigner to obtain in the country. The most popular types of visas for investors are:
- Three-year visa, which is issued for housing purchase over $204,000.
- Five-year visa, available with investments over $544,000.
- Ten-year visa, the most expensive of all. Its registration requires the purchase of overseas real property in the amount of more than 2.72 million dollars.
It does not matter whether the property is bought for movement to permanent residence or as an investment. It can be either one object or several, the main thing is that the applicant owns the property for the amount required for a visa processing.
Is it possible to get a visa through foreign real property purchase with a mortgage
In Dubai, when applying for a five-year and three-year visa, it is required that at least 50% of the loan funds have already been returned to the bank. A ten-year visa does not provide for the use of mortgage funds. In general, mortgage registration is available for foreigners in the UAE. The conditions of banks are individual, but on average, the buyer can count on a loan of up to 80% for the first property. The decision on the maximum limit is made individually, depending on the type of real property purchased and the financial capabilities of the borrower. Even more profitable is the installment plan from the developer when buying off-plan housing. However, a visa can be obtained only after the full cost of the housing stock has been paid and the housing has been commissioned.
In what districts are apartments and villas most in demand?
Traditionally, the foreigners tend to choose housing in the central districts of the emirate or on the coast. The leading positions are held by such communities as Dubai Marina, Palm Jumeirah. The highest prices for housing stock are here. Downtown Dubai and Business Bay run a close in terms of popularity. Those who do not choose flats and apartments, but villas, can consider as an option for movement to the communities Dubailand, Arabian Ranches. These are just a few of the possible districts of the metropolis. Read in more detail about its infrastructure and available offers from developers and local real property agencies on the official website https://emirates.estate/.