(MENAFN- Khaleej Times)
Some developers in Dubai are offering and paying for multiple Golden Visas to investors and their family members in order to attract high-net-worth individual buyers.
Investors and end-users buying property worth Dh2 million or above are eligible for the 10-year residency programme in the UAE.
Damac Properties, the largest private developer in Dubai, has been offering three Golden Visas to buyers of Violet unit at the Damac Hills 2 project and bearing the cost of the 10-year residency visas. The master developer announced that its 600 units worth Dh1.2 billion of Violet Phase 3 were sold out in just a few hours after the launch, reflecting that the demand of the Golden Visas is staying strong among property buyers.
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“Golden Visas have become a large reason why investors are buying property in Dubai. It is also one of the things that investors don't realise that they are eligible for because it is still relatively new. So we wanted to be a pioneer in the market to offer this as a token of appreciation to investors that have entrusted us with their investments,” said Amira Sajwani, managing director at Damac Properties.
Amira Sajwani. Photo: Supplied
She elaborated that the primary members have to be the same as the unit owner. Under the criteria for the long-term visa, only one family member is eligible to avail the residency, irrespective of the value of the property. However, the 10-year residency holders can then sponsor Golden Visas for their dependents.
The 10-year visa, through property investment or other avenues, has been quite popular among investors.
“The UAE's Golden Visa programme provides long-term residency options of up to 10 years for investors, entrepreneurs, and highly skilled professionals. To qualify, applicants must invest at least Dh2 million in local property or businesses. The programme has been pivotal in attracting global talent and investment,” said Get Golden Visa, which provides services of second residency or citizenship.
Imran Farooq. Photo: Supplied
Imran Farooq, CEO of Samana Developers, also confirmed that they offer multiple Golden Visas and process these visas at the company's premises.
“There is no need to visit the government offices for this purpose. The visa processing team at Samana takes care of the entire visa process. Samana Developers can also handle shared properties in case of husband-wife and shared partners,” he added.
Echoing his industry peers, Danish Shareef, managing director of Blanco Thornton Properties Dubai, said real estate developers are offering and paying for multiple Golden Visas to investors and their families to enjoy the benefits of long-term residency with hordes of other perks, with their multiple investment prepositions.
Danish Shareef. Photo: Supplied
“We, at Blanco Thornton Properties, offer Golden Visa to investors purchasing property starting from Dh2 million at our Al-Barari, Majan project and a host of other upcoming projects to be launched at premium locations of Dubai,” he said.
Highlighting the impact of the 10-year residency, he said Golden Visas have attracted investors and high net worth individuals across the globe.
Anmoll D Shroff, founder and chairman of Elton Real Estate Development, said developers in Dubai frequently cover the visa costs, using it as a marketing tool to add significant value to property deals, particularly targeting high-net-worth individuals and their families interested in establishing a long-term presence in the UAE.
Anmoll D Shroff.
“Our company will offer a range of premium properties priced between Dh1.40 million and Dh3.20 million. While the Golden Visa is an attractive incentive for many investors, we evaluate each client's needs individually to design tailored solutions that align with their investment goals,” he said, adding that while the policy has great potential, it's important to ensure a balanced approach to maintain the value of luxury properties and encourage genuine investment.
“With careful management, this strategy can effectively attract buyers who appreciate both the residency benefits and the quality of the property itself, contributing to a healthy and dynamic market. Overall, this strategy aligns well with Dubai's vision of becoming a global hub for business and tourism, while also ensuring a steady influx of investment and talent,” he said.
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