_How property buyers can secure long-term UAE visas
The United Arab Emirates offers many opportunities to foreigners who are willing to invest in property to secure a long-term visa following a change initiated by the government last year.
These new regulations have reinforced confidence among expatriates and given a greater feeling of permanence in the UAE and will provide individuals greater comfort around their mid- to long-term future, allowing them to better plan their lives within the emirate
Real estate investors can invest in over 40 UAE locations, (most in Dubai) to secure a long-term visa and better returns on their investment. The majority of investors look to residential property for returns, but commercial real estate can also offer strong returns.
The new long-term visa currently states cash only investments, so more clarity is required on how this can apply to entire buildings, single units etc.
Leading communities
There are currently around 5,500 properties priced over Dh5 million on residential listing portals. Residential investors can look at areas like Arabian Ranches 2, Dubai Hills, District One, Tilal Al Ghaf, Al Barari and Palm Jumeirah. On the higher end, investors can look at Palm Jumeirah, Emirates Hills, Royal Atlantis residences and Opera District to name a few.
The eight communities in Abu Dhabi for long-term visa are Saadiyat Island, Nurai Island, Al Reem Island, Marina Village, Al Raha Gold Gardens and other communities in Al Raha area including Al Zeina, Al Manara and Al Bandar.
Dubai has 31 communities where Dh5 million worth of investment can provide a 5-year visa and included are: Al Barari, Al Furjan, Arabian Ranches, Arabian Ranches 2, Bluewaters Island, Business Bay, City Walk, Culture Village, Damac Hills, Downtown Burj Khalifa, Dubai Harbour, Dubai Marina and Dubai Science Park (DuBiotech), .
Other areas where investors can invest for long-term visas are: Dubai Sports City, Emirates Living, Jumeirah Beach Residence, Jumeirah Gold Estates, Jumeirah Islands, Jumeirah Bay Island, JLT, Jumeirah Park, Living Legends, Meydan City, Mohammed bin Rashid City, Motor City, Palm Jumeirah, Pearl Jumeirah, Dubai Creek Harbour, The Villa, Zabeel (WTC Residence) and World Islands.
Head of research for Middle East at Knight Frank, Taimur Khan said “the majority of properties above Dh5 million are villas in locations such as The Palm Jumeirah, Emirates Hills and Emirates Living. In addition, there are also a number of luxury apartments available in Dubai's prime areas such as Downtown Dubai and Palm Jumeirah.”