"Dubai reduces the down payment for real estate and offers 'Golden Visa' - Khaleej Times"

In Dubai, the government has eased the criteria for real estate investors, and now property buyers are no longer required to make a minimum down payment of1 million dirhams to obtain a golden visa. If the value of the property exceeds2 million dirhams, owners choosing a payment plan or mortgage can apply for a long-term visa, an exclusive interview in the Khaleej Times newspaper revealed.

"The owner can apply for a10-year residency, regardless of the amount paid in advance, explained the executive director. 'Properties under development may be considered on a case-by-case basis. Applicants must provide proof of property ownership, a letter from the developer or a mortgage document from the bank, as well as a copy of their passport with a photograph,' said Firozekhan, executive director of the company Profound Business Service with its headquarters in Dubai."

"Stay updated with the latest news. Follow KT on WhatsApp channels. Like all holders of golden visa, owners can sponsor their spouses, children, and parents for a period of10 years. Jess Stephenson, Head of Sales Promotion at Allsopp & Allsopp Group confirmed to Khaleej Times that the minimum payment of1 million dirhams is no longer required. Now, the only criterion is that the property value exceeds2 million dirhams or more to obtain a golden visa. 'No minimum investment contribution is required,' she said. Stephenson said this opens up the visa to everyone who has a mortgage. 'If you pay20 percent of the property value, which most people do when getting a mortgage, they will be eligible for a visa,' she said.

"chatgpt result": "Real estate payment plans in Dubai range from1 percent per month to schemes of5-25 years after the down payment. As for mortgages, up to80 percent of the property value can be financed. Real estate prices in the UAE, especially in Dubai, have significantly risen over the past few years, reaching their peak in2023. Under the guidance of the luxury segment, prices have almost doubled in some high-demand areas such as Palm Jumeirah and Downtown. According to ValuStrat, a consulting firm, cash buyers make up the vast majority of transactions in Dubai. In the third quarter of2023, there were8,238 mortgage deals registered in Dubai compared to16,485 cash deals. However, property buyers opting for mortgages in2024 are expected to increase as interest rates are anticipated to decrease by100 basis points."

Long-term residency in the UAE is self-financed and open to investors, entrepreneurs, scholars, outstanding students and graduates, humanitarian innovators, and frontline heroes.

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