How to Get UAE Residency by Buying Property: Step-by-Step Guide for Investors
The United Arab Emirates (UAE) is one of the fastest-growing locations for businesses in the world. It offers a dynamic and forward-thinking commercial sector where both new start-ups and established companies can find a new home. But it's the safe, comfortable and family-friendly lifestyle that makes it a magnet for expats. The market for UAE property for residency is booming, with new developments like Ghaf Woods creating sustainable communities that present an incredible opportunity to live a truly idyllic life, offering that essential work-life balance.
To realise the dream of living the Dubai life, we’ve created this guide to Dubai property residency requirements and why a real estate investment in the UAE makes sound economic sense, too.
Why Invest in UAE Real Estate for Residency?
With so many businesses opening up in the favourable marketplaces of the UAE, the demand for residential housing has increased exponentially. For those who invest in UAE property for residency, this opens up a whole new opportunity for a stable revenue stream, as well as providing long-term lets for expats who relocate to work in the UAE.
The high net returns on residential property in the UAE are the result of an exceptionally buoyant property market. But these aren't simply new builds. Developments such as the exceptional Ghaf Woods are showcasing a new approach to building new homes. Rather than just creating 'dormitory towns,' the emphasis is shifting towards sustainable, green and multi-use communities that can grow and prosper. This new direction is making real estate investment in the UAE a desirable (and lucrative) option.
Eligibility Criteria for UAE Residency Through Property Investment
Investing in property also offers another major advantage: the opportunity to become a UAE resident, complete with all the associated benefits. The eligibility criteria for UAE residency through property investment generally fall into two categories.
- 2-Year Investor Visa: Requires a minimum property investment of AED 750,000. This grants a renewable UAE residency visa. Suitable for first-time investors or those with a lower budget, this gets you on the first rung of the UAE property ladder.
- 10-Year Golden Visa: Requires an investment of AED 2 million. The property can be mortgaged under certain circumstances, and there’s no restriction on ownership percentage as long as your equity meets the threshold.
Additional requirements may include proof of ownership, financial stability, and compliance with UAE regulations.
Step-by-Step Guide to Buying Property in the UAE
Buying property in the UAE is a structured process. Our top tip: If you’re a foreign investor looking to invest in property for UAE residency, it is advisable to have a legal representative in the UAE who is familiar with the process and can guide you through each step to ensure you meet all the criteria, especially for specific visas such as the 10-year Golden Visa.
- Firstly, you will need to decide whether the property investment is for your personal use, to generate rental income, or as an investment as part of a portfolio. Bear in mind that your budget will also need to include all costs related to the transaction, such as registry fees.
- At this stage, it is essential to ensure that all your financing is in place. If you are using a mortgage, ensure you meet the bank's requirements, including providing proof of income and funds to cover the minimum down payment and registry fees. Additional financial considerations include legal fees and agent commissions.
- Next, choose a property and verify the ownership details. To do this, you will also need to ensure that the property is in a designated freehold area for foreign buyers.
- Once you and the vendor have agreed on a sale, you will need to sign a Memorandum of Understanding (MOU). This document outlines the terms of the sale. At this stage, a deposit (typically 10%) is paid.
- After all financial checks have been completed, the Sales and Purchase Agreement (SPA) is signed. This legally binds both parties and details all conditions.
- Finally, the transaction must be registered with the Dubai Land Department, along with a registration fee (typically 4% of the purchase price)
Ghaf Woods: Your Gateway to UAE Residency and Sustainable Living
Ghaf Woods isn’t just another residential area. It’s a living, breathing, sustainable community where residents are an integral part of a greener ecosystem. This exclusive enclave is one of the best real estate investments in the UAE, offering a safe sanctuary surrounded by lush landscaping that feels distinctly different from the typical UAE experience.
Encouraging a more active lifestyle within a productive environment, Ghaf Woods is the next generation of Dubai living. Find out more by downloading our brochure or contact to one of our team today to discover how you can be a part of the Ghaf Woods vision.