Dubai is one of the top investment hubs in the world right now, and the country’s successful foreign diplomacy has made UAE’s passport the strongest in the world in 2022, followed by Germany and Sweden.
These factors make UAE’s (Dubai) residency even more appealing. But the one thing that has made Dubai what it is today is the foreign direct investment (FDI), especially in the city’s real estate sector.
However, can you buy a property in Dubai and get residency there? Yes! You can apply for a real estate visa and residency by investing in Dubai’s real estate sector.
You must also remember that there is a high chance that you can get scammed if you don’t have the required knowledge in this matter. Let’s discuss how this process of investing and getting a Dubai residency works.
Read | Can Foreigners Buy Property
Can You Buy Property And Get Residency In Dubai?
Dubai is a welcoming city, and around 70% of the population here is non-native; mostly, they are expatriates working in Dubai from countries like Pakistan, India, Bangladesh, Sri Lanka, the Philipines, and hundreds of other nationalities.
That is because it’s easy to come to Dubai for tourism, work, and to find a better lifestyle through different visa applications. Dubai offers seven different visa opportunities for foreigners.
Those seven visa opportunities are:
- Employment Visa.
- Real Estate Visa.
- Investor Visa.
- Remote Work Visa.
- Student Visa.
- Cultural & Special Talents Visa.
- Retirement Visa.
Out of these seven, the real estate visa and investor visa help foreigners to invest or buy property in Dubai and get residency.
Both of these visa opportunities have several perks and some things to consider. Let’s take a look at both of them.
Real Estate Visa:
By investing around AED 1 million or USD 273,000 in the real estate sector of Dubai, you can apply for a real estate visa and get residency in Dubai. This process falls under the UAE investor visa program.
The real estate visa has a limit of about three years; after that, you’ll have to renew your visa for another three years to continue being a resident of Dubai.
Remember: All the above-mentioned visa opportunities, real estate and investor visas included, are for a certain amount of time, mostly from three to five years, and you have to renew them after that.
NO VISA GUARANTEES YOU A LIFETIME RESIDENCY IN DUBAI SO FAR!
Moreover, you can sponsor your family members and help them get into Dubai for work or settle if you have a real estate visa.
Investor Visa:
This is another kind of visa opportunity that you can obtain by investing capital into Dubai’s market.
According to this visa program, if you own around AED 72,000 or USD 20,000 worth of shares in an already enlisted company in Dubai or start your own business with the same AED 72,000, you can apply for the investor visa.
You can invest in the freehold real estate areas of Dubai, where foreigners are eligible to buy and sell properties.
That’s because not everyone can invest a whopping AED 1 million in a property; in my opinion, it’s a cheaper option.
By applying for this visa program, you can get a residency permit in Dubai for about three years, and you can also support your family members in immigrating to Dubai.
However, the conditions for such an immigration process vary based on the amount of capital investment you make in the Dubai market.
Read | Dubai Real Estate Market Forecasting
Why Do I Need To Buy Property In Dubai & Get Residency? What Makes Dubai So Appealing?
Dubai (and the UAE) has seen tremendous growth over the last two decades, and its economy is still growing, especially the real estate economy of the city.
Among many other interesting factors that make Dubai appealing, its geography is a natural backbone for its economy.
Geography:
If you look at the map, Dubai is located at the center of Asia, Europe, and Africa. Therefore, it acts as a middleman for flights from one continent to another.
According to an estimate, Dubai is located at the center of around 66.66% of the world, two-thirds of the earth’s land.
That’s why many flights carrying passengers from one continent to another often take a brief break in Dubai airport and refuel again to reach their destinations, making Dubai airport one of the busiest in the world.
Tourist Attraction:
Besides the geography, Dubai is also a tourism hub of the world, and in 2022, Dubai was the 4th most visited city globally, falling behind Bangkok, Paris, and London. Around 16 million tourists visited Dubai in 2022.
So, the point is where there are masses, there is money. One of the primary reasons the Dubai market is booming and seeing tons of investment is the huge influx of people in the city for various purposes.
Tourism also greatly supports the real estate industry in Dubai when people buy, rent, sell, and lease properties from the freehold areas.
Excellent Return On Investment:
Dubai offers a great return on all kinds of investment in the city and, therefore, is a haven for foreign investors.
The return on investment in Dubai is better than in other developed cities like New York, Hong Kong, and London.
This beautiful city offers around 7 to 8% of return on investment, and Forbes estimates that an ROI of 7% is good.
Moreover, the ROI is expected to increase over the next years as more foreign investors turn their attention to Dubai.
Amazing Lifestyle:
Let’s keep business aside for a moment and talk about what Dubai offers its residents. The lifestyle in Dubai is awesome.
You can get all things in Dubai that you can in all the developed western countries. The nightlife is also one of a kind.
Most of all, Dubai (UAE) is extremely safe. According to Numbeo Crime Index, Dubai has a safety index score of 83.70, making it the eighth safest city globally, whereas Dubai’s neighboring city, Abu Dhabi, has a score of 88.33, making it the safest city in the world.
Just so many things make Dubai unique and an interesting place to live and grow old. For what it’s worth, the retirement visa program is also worth it in many cases.
Read | Is It Worth Buying A Property In Dubai For Living Purposes?
Which Areas In Dubai Are The Best To Buy Property And Get Residency?
According to Dubai law, foreigners or expatriates can only buy and sell property in the freehold areas of the city.
Some of the best and most well-known freehold areas in Dubai are Dubai Marina, Downtown Dubai, Business Bay, International City, Palm Jumeirah, and JVC (Jumeirah Village Circle).
Many experts believe that among all these freehold areas, the Dubai Marina, International City, and Dubai Sports City are the best freehold areas to invest in Dubai and get a good ROI.
You can expect around 8 to 9% return on investment in the International City Dubai and around 8% ROI in Dubai Sports City.
Read | Can Foreigners Buy, Sell, And Rent Property In Dubai?
What Are The Requirements To Apply For Residency In Dubai Through Investment?
You must show some documents in all cases, and in some other cases, you must show some additional paperwork.
Required Documents:
- Title Deed: A title deed in Dubai proves that you are the true property owner). You’ll get the title deed from the seller when you purchase a property.
- Passport Copy: A copy of your passport with your white background picture.
- A good conduct certificate from the Dubai police.
Additional Documents:
- Visa Copy
- If you already had a resident visa and terminated it, then Cancelation papers.
- UAE ID card (if you have one).
- Marriage Certificate. (If you have one).
FAQs:
Can You Jointly Buy A Property In Dubai & Get Residency?
Yes, you can jointly buy property in Dubai and get residency. However, there are some things that you must consider before doing so.
If you are married and jointly buy a property worth AED 1 million with your spouse, you can apply for a resident visa by attaching the marriage certificate with other documents.
However, if you’re not jointly buying a property with your spouse but with someone else, your share in that jointly owned property must be AED 1 million.
Suppose you buy an AED 1.5 million worth of property in Dubai with your friend, then your share of that real estate must be 66.66% or AED 1 million, and your friend’s share should be AED 500,000.
You are only eligible to apply for a real estate or investor visa in Dubai and get residency then.
Can You Buy A Property In Dubai & Get A Permanent Residency?
By investing in the real estate sector and buying a property in Dubai, you can only apply for a three or maximum of five-year resident visa; after that, you’ll have to renew it.
No property investment guarantees you a permanent residency in Dubai as of 2022.
Can You Buy An Incompleted/Off-Plan Property In Dubai & Get A Residency?
No! Don’t even think about falling into the trap of agents that make such promises. As mentioned above, you must show the title deed to apply for residency.
You won’t get any title deed if you buy an incomplete/off-plan property. Don’t ruin your resident visa program to save some money.
If Someone Gifts You A Property, Can You Apply For A Resident Or Investor Visa?
If you have gotten a property as a gift, the title deed clearly says that the property is a gift or a donation, meaning that you’re not the owner. Therefore, you can apply for a resident visa.
Read | RERA Rental Increase Calculator In Dubai
Final Thoughts:
All that you need to know about investing in Dubai’s real estate sector and getting a Dubai residency is discussed in detail here.
Let’s summarize the article to understand better.
Can I buy property in Dubai and get residency? Yes, if your property is worth AED 1 million or more, you can apply for a resident visa and get residency in Dubai for about two to three years.
Can I buy property in Dubai and get permanent residency? No! You can only get a maximum five-year resident visa. You’ll have to renew it afterward.
Still have any questions related to buying or selling property in Dubai, call RAS Properties for a free consultation.
I hope you find this article helpful. Let me know about your thoughts and experiences in the comments.
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