Buying property in Dubai and obtaining residency

Comprehensive details on obtaining a two-year residency in Dubai through purchasing property via Imtilak Global, and learn about all the requirements, procedures, necessary documents, and related costs in our following article.

Does buying property in Dubai grant residency?

The Dubai property ownership law allows foreign investors wishing to purchase real estate in the emirate to obtain property residency, provided that the property is ready at the time of purchase. The duration of property residency granted to those investing in Dubai varies according to the property value as follows:

• Granting property residency for 3 years to those wishing to buy property worth 1 million AED.
• Granting property residency for 5 years to those wishing to buy property worth more than 5 million AED.
• Granting property residency for 10 years to those wishing to buy property worth more than 10 million AED.

However, with the latest amendments made by the Dubai Land Department to the eligibility criteria for property owners in the emirate, the value of the property granting a two-year residency for investors has been reduced from 1 million AED to 750,000 AED.

According to some sources familiar with real estate affairs in the UAE, this amendment came as part of Dubai government's efforts to support and empower the local investment environment as a main contributor to the national economy, and as a key attraction for foreign capital and businessmen.

According to the Dubai real estate investment visa law, a foreign investor who owns property in Dubai worth no less than 750,000 AED can apply for a two-year renewable residency visa.

It is worth mentioning that the Dubai Land Department has provided a range of services and facilities for foreign investors wishing to buy property in Dubai and reside in its most beautiful areas, offering many real estate platforms that allow investors to apply for residency and obtain various real estate services.

Among these official platforms is the "Taskeen" program available on the official website of the Dubai Land Department, through which investors can apply for residency and fill in ownership details. The application can also be submitted directly at the Dubai Land Department headquarters, accompanied by the passport and an electronic copy of the property title deed.

Read also: Conditions and advantages of investor residency in Dubai

Overview of two-year residency in Dubai for property investors

Specialists in the UAE real estate market have made several proposals to revive the real estate market in various emirates. According to Al Bayan newspaper, one of these proposals was to develop investor residency laws and reduce the minimum real estate investment.

Based on these proposals, the Dubai Land Department amended the residency system for foreign investors, announcing in September 2021 a 25% reduction in the required real estate investment value. Accordingly, a two-year residency is granted to investors in exchange for buying property in Dubai worth at least 750,000 AED instead of 1 million AED.

Many benefits can be obtained by acquiring a two-year residency in Dubai for investors, such as opening bank accounts, obtaining an Emirates ID and driving license, sponsoring family and accessing health services, in addition to legal residency without being subject to legal accountability.

You may also be interested in: How to apply for family residency.

What are the conditions for property residency in Dubai?

To obtain a two-year property residency, the Dubai property ownership law requires the following:

• The property must be ready at the time of purchase.
• The property value must not be less than 750,000 AED.
• Ownership must be in designated freehold areas.
• All legal fees required for property ownership in Dubai must be paid, which means it is not allowed to obtain a bank loan or benefit from a mortgage when buying property.
• A statement of income must be provided, not less than 10,000 AED.
• Properties that grant a two-year property residency visa in Dubai according to the Dubai property ownership law include: residential apartments, hotel apartments, villas, offices, and warehouses.

Read also: Advantages of retirement residency in Dubai.

Procedures for obtaining a two-year residency for property investors

To obtain a two-year residency, the property investor must follow these steps:

• Obtain a reference letter from the relevant institutions in Dubai.
• Obtain a title deed from the Land Department in Dubai after purchasing the property.
• Obtain an investor license from the Dubai Department of Economic Development.
• Submit an application for a residency visa to the General Directorate of Residency and Foreigners Affairs in Dubai, attaching the following documents:

1. Passport.
2. Temporary visa.
3. Property title deed.
4. Certificate of good conduct.
5. Property title deed.
6. Personal photos.
7. Bank receipts.
8. Health insurance.
   
   

Read also: What is the difference between a regular property visa and the golden residency in Dubai?

Costs of obtaining a two-year residency for property investors

The costs of obtaining a two-year residency for property investors range between 13,000 AED and 15,000 AED. Details of these fees can be found in the following table:

Get residency in Dubai by purchasing property through Imtilak Global

Obtain investor residency in Dubai by purchasing property through Imtilak Global, which enables you to own the finest luxury properties in the most beautiful areas designated for foreign investors in Dubai.

A package of premium services awaits you when buying property through Imtilak Global, starting from real estate consultations and field tours, to handling ownership transfer files and related administrative procedures, and finally obtaining property residency in Dubai and securing all the required official documents.

Edited by: Imtilak Global©

Questions and Answers about residency in Dubai through property purchase

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