The real estate market in Dubai represents a wide list of premium properties in most popular neighborhoods. For this reason, a great number of tourists and potential residents prefer living in exceptional conditions. As a rule, they choose Damac Hills. Damac Hills is an established, self-contained complex of villas, apartments, hotel and assisted living facilities. The district offers already completed luxury properties as well homes off-plan. Foreigners are attracted by affordable property prices in Damac Hills and often consider buying real estate under construction. What benefits does off-plan real estate give and how to get a visa with its help? Let`s figure it out in this article.
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Golden visa for buying off-plan real estate
The introduction of a new law provides developers and brokers with the possibility to apply for golden visas for their buyers. This right is given for those whose real estate is worth from AED 2 million. It looks like another landmark development has taken place in Dubai’s real estate construction market. Buyers of real estate under construction in Dubai have a new path to obtaining golden visas: individual developers and real estate agents can themselves submit to immigration authorities that these buyers comply with investment rules and can obtain 10-year residency status.
The specialized program of getting golden visa
The anticipated program of getting a golden visa via buying real estate off-plan facilitates the relationships between a developer and a client. Many experts claim that the developers have been waiting for such approval, assuming the move would immediately benefit their off-plan projects.
According to the issued law, the 2 million dirhams replaces the 10 million dirhams previously required. Such a thoughtful approach is implemented to generate increased demand from both end-users and investors. According to market sources, the formalization of the process for investors and developers to buy homes off-plan under this scheme should be felt almost immediately.
Responsibility of real estate developers
Real estate developers or agents must now conduct the entire procedure themselves from the purchase of a property off-plan to confirm eligibility for the Golden Visa, provided that the home is not worth less than AED 2 million. The main rules of the application are the following:
- Buying a separate property or a combination of assets worth no less than 2 million dirhams at once
- Taking on a mortgage and proving that the buyer will be able to pay the total sum from their own budget.
If you purchase a real estate off-plan in Damac Hills with the intention to get a golden visa, make sure its price goes above the limit. In this case, the golden visa will definitely be issued.
If the property under construction is purchased on credit, the net worth calculations come into effect. It must be seen that the buyer has crossed the benchmark of AED 2 million from his own funds. In other words, if you want to buy an off-plan house in Damac Hills on a mortgage, the first payment should be 2 million dirhams minimum.
The reasons for introduction of a new procedure
The government of the UAE issues the laws in facilitating the lives of expats. At the same time, they are focused on bringing more benefits to the economy and development of the neighborhoods.
- Support of expats coming to Dubai for permanent living
- Support of investors who buy properties in Damac Hills to rent them out
- Raise of the interest to Dubai in the international community
- Increase in the number of investments in the real estate industry in Dubai.
Help in finding the perfect real estate in Damac Hills
Considering buying real estate in Damac Hills for getting a visa and for permanent residence, it is crucial to be extremely attentive to all the details. The best way of becoming an owner of off-plan real estate is to perform the steps with the guidance of a trusted real estate agency. Ax Capital offers professional staff with many years of experience. The team has profound knowledge in the peculiarities of off-plan real estate in popular neighborhoods and legislation.
