The United Arab Emirates (UAE) recently overhauled the golden visa rules and it led to an increase in the demand for luxury homes in the Gulf nation, the Economic Times reported.
The report highlighted that the growing number of takers are from India who are opting for a second home in Dubai.
The UAE’s golden visa programme allows ‘foreign talents to live and work or study in the UAE while enjoying exclusive benefits’.
Some of these ‘exclusive benefits’ are – ability to stay outside the UAE for more than the usual restriction of six months, ability to sponsor family members, including spouse and children without any age bar, ability to sponsor unlimited number of domestic helpers and allowing family members to stay in the UAE until the end of their permit even if the visa holder has passed away.
It is renewable and remains valid for a decade. One can also proceed with residence issuance with the help of the golden visa which also acts as an entry visa for six months.
The report said that due to the interest among Indian homebuyers, real estate developers in Dubai started holding property expos in India to inform Indian homebuyers of the new golden visa rules.
Akash Puri, director, international business, India Sotheby’s International Realty told the Economic Times that buying a house in the UAE remains ‘the simplest way of investing and securing a golden visa’. He added that there is no capital gains tax in Dubai which makes the prospect more attractive.
The UAE reduced the minimum eligibility requirement to AED 2 million (about ₹4.2 crore) from 5 million (about ₹10.4 crore) while extending the visa duration.
The report citing data from DXBinteract.com, said Dubai noticed a 60% rise in property sale in the first half of 2022 compared to 2021. More than 43,000 units were sold in the first half of 2022.
Entrepreneurs, professionals, investors, and specialists in the medical, scientific, research and technical fields are eligible for the golden visa. Anuj Puri, chairman of the Anarock Group, told the Economic Times that inquiries have also risen by at least 10-15% in the first half of 2022.
(with inputs from the Economic Times)