The visa facility, available through DLD’s Taskeen Programme, allows an individual who owns a property valued at Dh750,000 or more at the time of purchase to apply for a three-year renewable residency visa with a provision for sponsoring the spouse. Realty consultants said the lowering of the investment level would give an added impetus to the Dubai's real estate market, which is witnessing a remarkable rebound and growing global investor appeal on the cusp of the largest international event in the region, Expo 2020 Dubai, opening on October 1.
The DLD’s official sales price index shows that August 2021 was the second-highest month since December 2013 in terms of the number of sales transactions in one month, with 5,780 sales transactions worth Dh14.97 billion, becoming the best August in 12 years. In August 2021, 55 per cent of all sales transactions were for secondary/ready properties and 45 per cent were for off-plan properties. According to a residency law expert, documents required for applying this type of visa include the passport of the investor and an electronic copy of the title deed certificate. The applicant must have a property with a minimum value of Dh750,000.
In case the property is mortgage, 50 per cent of the property value or at least Dh750,000 is to be paid to the bank. A non-objection letter in Arabic along with a mortgage bank statement will be required to proceed with visa application. The husband and wife can share one property, provided an attested marriage certificate is produced, according to the information provided by the website.
In case the application is submitted by a third party on behalf of the investor, power of attorney is required. For obtaining children’s visas, a no-objection letter from the father, attested by the notary public, (in case the mother is the sponsor), is required.