{"id":56735,"date":"2022-10-13T10:04:09","date_gmt":"2022-10-13T14:04:09","guid":{"rendered":"https:\/\/www.investmentimmigration.com\/?p=56735"},"modified":"2022-10-13T10:04:09","modified_gmt":"2022-10-13T14:04:09","slug":"uaes-golden-visa-revamp-set-to-attract-4000-millionaires-to-dubais-booming-real-estate-sector","status":"publish","type":"post","link":"https:\/\/www.investmentimmigration.com\/uaes-golden-visa-revamp-set-to-attract-4000-millionaires-to-dubais-booming-real-estate-sector\/","title":{"rendered":"UAE\u2019s Golden Visa Revamp Set to Attract 4000 Millionaires to Dubai\u2019s Booming Real Estate Sector"},"content":{"rendered":"<p>The UAE has revamped its <a href=\"https:\/\/www.investmentimmigration.com\/dubai-residence-investor-program\/\">Golden Visa program<\/a> and introduced new rules for other long-term visas and permits, with Dubai\u2019s real estate sector likely to reap the benefits.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>The global citizenship by investment market is set to grow five-fold over the next three years and become a $100 billion industry by 2025.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>This makes the UAE visa reform a timely move to attract a lot of foreign investment, along with skilled foreign workers, professionals, entrepreneurs and students over the coming years.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<h3>UAE\u2019s Golden Visa<\/h3>\n<p>Until new rules were announced in April, qualifying for the UAE\u2019s golden visa required investors to buy a property worth at least 10 million dirhams, or US$2.73 million.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>To put this into perspective, an investor could qualify for direct citizenship of the EU through the Malta or Cyprus economic investor program at a lower price.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>In April, the UAE announced that it was slashing the minimum investment requirement to just 2 million dirhams, or US$550,000.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Considering Dubai\u2019s status as the world\u2019s premier trading and financial destination, and other factors including its huge expat population, this sharp reduction will lead to a huge spurt in demand for property in Dubai and other destinations in the UAE.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>According to the new rules that came into effect on October 3:<\/p>\n<ul>\n<li>Investors can qualify for the golden visa by buying a property of a value not less than 2 million dirhams.<\/li>\n<li>Investors can borrow money to buy the property provided such loans are obtained from specific local banks.<\/li>\n<li>The investments can be one or multiple off-plan properties provided the total value of the investment is equal to or more than 2 million dirhams and the property is purchased from approved local real estate companies.<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\n<\/ul>\n<h3>Impact on Dubai\u2019s Real Estate Market<\/h3>\n<p>Dubai is one of the most sought-after destinations for foreigners seeking to live and work in the UAE. The revamped golden visa program is likely to result in a sharp surge in demand for properties in Dubai.<\/p>\n<p>Factors working in favour of Dubai include its strong economy, developed infrastructure, expatriate-friendly policies and safe environment.<\/p>\n<p>Dubai\u2019s real estate market has been strong in recent times. The city ranks fourth in the world for capital value growth in prime residential properties in the first half of 2022. Prices rose by 4.7 percent as compared to the 2.4 percent average growth in 30 cities across the world. This performance is expected to continue in the second half.<\/p>\n<p>Dubai is the only non-US city in the top-five list of cities with the highest capital value growth in 2022.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>It is a great place for investors seeking rental income along with capital growth. Compared to the average global rental growth of 3.1 percent, Dubai saw growth in excess of 5 percent.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>While capital growth is expected to fall from 2.4 percent to 2.2 percent in the second half of 2022, the 4,000 millionaires expected to relocate to Dubai in 2022 are expected to keep the city\u2019s real estate sector booming.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The UAE has revamped its Golden Visa program and introduced new rules for other long-term visas and permits, with Dubai\u2019s real estate sector likely to reap the benefits.\u00a0 The global citizenship by investment market is set to grow five-fold over the next three years and become a $100 billion industry by 2025.\u00a0 This makes the&hellip;<\/p>\n","protected":false},"author":2,"featured_media":8100,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"footnotes":"","_jetpack_memberships_contains_paid_content":false,"jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[454,5964],"tags":[],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.investmentimmigration.com\/wp-content\/uploads\/2016\/10\/dubai.jpg","jetpack_shortlink":"https:\/\/wp.me\/p8hnWW-eL5","jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/posts\/56735"}],"collection":[{"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/comments?post=56735"}],"version-history":[{"count":1,"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/posts\/56735\/revisions"}],"predecessor-version":[{"id":56736,"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/posts\/56735\/revisions\/56736"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/media\/8100"}],"wp:attachment":[{"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/media?parent=56735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/categories?post=56735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentimmigration.com\/wp-json\/wp\/v2\/tags?post=56735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}