STOCK Dubai skyline
Dubai property sales had its busiest summer in over a decade, but it's likely to get a whole lot active as developers count down to D-Day. That would come when Dubai starts issuing Golden Visas for property buyers holding assets of Dh2 million and over. Image Credit: Supplied

Dubai: Golden Visas for investors with property assets of Dh2 million and more in Dubai should start being issued from October, according to market sources.

The update comes as developers get ready with more offplan launches, and those priced at Dh2 million plus coming with developer assurances that investors will have all the help they need to get the coveted 10-year residency visas.

"We made the query with the Dubai Land Department on the 10-year visa and was informed that it’s not started," said Ranjeet Chavan, Managing Director at Nautilus Properties. “As such, they are still issuing the 3- and 5-year residency visas. (The 3- and 5-year visas are primarily for businessmen and would allow multiple entries during the period.)

We are expecting those for 10 years to be given out from October from the Land Department

- Ranjeet Chavan of Nautilus Properties
The Dh2m way to a Golden Visa
Real estate investors are eligible for Golden Visas if the property is worth Dh2 million, or if they purchase a property with mortgages from specified local banks. They are also eligible if they purchase one or more ready or offplan properties of Dh2 million from a list of approved developers.

Change launch schedules

Developers, at least some of them, could hold back their new launches by a week or two, the better to time it with the official confirmation of the Golden Visa issuing on property buys. “The final go-ahead from the authorities will be the biggest date in the local property market this year and will bring maximum visibility to any launch happening at the time,” said a source with a developer. “We are waiting for that.”

Market sources confirm that there is pent up demand for the Golden Visas, and that this will be reflected in the new round of offplan buying in the coming weeks. “There are clients who are just awaiting official word on the processes involved to get the Visa and how soon that will take,” said an estate agent. “There’s serious buying interest from Europe even though the Dubai market still saw a lot of it during summer.”

Dubai property market's summer streak

Indeed, data from the Dubai Land Department confirm the hot streak of buying during June-August, with the volumes hitting 10-year highs. Again, quite a bit of the demand was driven by investors liking the possibility of getting 10-year residencies on owing a property here. This could either be through a single property valued at Dh2 million or over, or multiple assets that would add up to the total.

“The UAE has had Golden Visas before, but what’s special this time is the Dh2 million level rather than the Dh5 million or Dh10 million earlier,” said the estate agent. “They can also sponsor any number of domestics and the visa will remain valid irrespective of the time they spend outside the UAE.”