Dubai's Offplan Buyers To Get Golden Visas on Dh2m Property Asset
Off-plan home buyers in Dubai now have the option of receiving UAE Golden Visas, provided that their investment is Dh2 million.
To communicate with the authorities and provide investors with guidance on the procedures necessary for the Golden Visa program, developers are forming internal teams.
UAE announced last week that the new regulations for 5 and 10-year visas would go into effect on October 3. Developers, who anticipated that it would favor their off-plan prospects right away, eagerly anticipated the move.
The most eagerly anticipated was the 10-year Golden Visa program for homeowners with Dh2 million in such assets. The Dh2 million is in place of the previous requirement of Dh10 million. This action would lead to an increase in demand from both investors and end-user buyers.
According to market sources, formalization of the procedure for investors and developers regarding off-plan purchases must be felt almost immediately.
Visa Programs
Visa Programs led to a boom in real estate demand, according to Executive Director of Atomic Properties. “Now that applying for the same has become even easier, we have noticed the anticipated rise in demand.
Visas linked to Dh2 million strategies have already been issued for sales of ready-made property. Off-plan sales in Dubai have already surpassed previous records between June and the end of September.
Obligation Of Developers
Developers or real estate agents must steer the process from off-plan purchases to eligibility for the Golden Visa if the crucial Dh2 million threshold met. It could be a single property or a collection of properties worth at least Dh2 million according to market source.
Developer must provide the necessary documentation to DLD regarding the investment value before the certificates issued. The application process for a Golden Visa is simple if the value is Dh2 million or more.
Mortgage Acquisitions
If a mortgage used to purchase the off-plan property, the calculations for net asset value are applied. It should be clear that the buyer exceeded the Dh2 million threshold.
Even so, mere fact that procedures are now in place creates new opportunities for market expansion in Dubai and UAE. Moreover, give developers the push they need to expedite off-plan launches in the near future.
Dedicated Teams
We have already designated a devoted team to handle all Golden Visa procedures on behalf of our clients. This team will supervise the entire procedure, from the application process to the visa being granted.
Role
Team may ensure that information is seamlessly transferred between our buyers and the appropriate authorities. They will also help in gathering all necessary documentation.
The Golden Visa Initiative
A Landmark move that not only highlights the UAE’s remarkably welcoming essence. However, will also cause investment in real estate numbers to increase dramatically. This team is prepared and includes both customer service and documentation/authorities staff.
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