Real estate investors who own property in Dubai valued at 750,000 dirhams or more can obtain a 3-year renewable investor residency, including sponsorship for a spouse and children, according to a decision made by the Dubai Land Department. Previously, a 3-year residence was granted only if the property's value was one million dirhams.
The "Al-Bayan" newspaper presented 17 proposals last year aimed at revitalizing the real estate market and increasing its resilience, one of which included developing investor residency laws and lowering the minimum investment threshold. This has been achieved through the Dubai Lands Department's decision to reduce the property investment requirement by 25%.
According to sources in the real estate market, the number of property owners with purchases valued at 750,000 dirhams or more is very high. The Dubai Lands Department has facilitated obtaining the residency through the "Tasjeel" program, which involves submitting an application for residency via the "Dubai Rest" app by filling in property details or applying directly at the Land Department headquarters with a passport and an electronic copy of the property ownership certificate.
If the property is mortgaged, the department has set conditions for the owner to obtain residency, primarily requiring that the owner has repaid 50% of the property's value to the bank or providing a no-objection letter from the bank regarding the residency procedures along with the mortgage account statement.
The decision also allows a husband and wife who jointly own a property valued at 750,000 dirhams to obtain this residency, provided they present a certified marriage contract. If the property owner cannot attend, a power of attorney on behalf of the investor must be provided.
The department outlined the service procedures in five steps: submitting the application via the Dubai Rest app, after which the department will contact the applicant if their request is approved to complete the process; next, the investor must attend the department and pay the full fees; then, a medical examination will be conducted; and finally, printing the residency on the passport.
