Analysis by predicts wider investor participation following the elimination of the minimum down payment requirement for Golden Visa qualification through real estate investment.
In a move to encourage greater participation and deepen resident ties, the UAE government has abolished the AED 1 million (USD 272,000) minimum down payment requirement for real estate through property investment. This change, effective January 24, 2024, eliminates the barrier for investors regardless of down payment amount or property status (off-plan, completed, mortgaged, or not mortgaged), as long as the property value reaches AED 2 million (USD 545,000) or more.
This decision as a significant step towards attracting foreign investment and boosting the real estate sector. Emphasizes the widened access for diverse investors, fostering increased engagement and contributing to overall economic development.
Recent figures from Dubai Land Department showcase the market’s momentum, with 1.6 million transactions in 2023, a 17% increase year-on-year. Transaction values skyrocketed to AED 634 billion (USD 172.6 billion) with a 20% and 36% increase in value and volume, respectively.
A surge in interest for both residential and commercial properties across the UAE, driven by this progressive move. Additionally, investment inflows saw a 55% increase, with 42% of new investors originating from international markets, highlighting Dubai’s global appeal.
This reform aligns perfectly with the UAE’s vision of fostering a business-friendly ecosystem and positioning itself as a leading global hub for investment and innovation.
Publish Feb 15, 2024
Source: https://www.arabianbusiness.com/industries/real-estate/uae-golden-visa-272000-rule-change-widens-door-for-more-diverse-pool-of-dubai-real-estate-investors
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