There are various methods to obtain residency in Dubai, each with its own advantages and disadvantages. However, among these methods, obtaining Dubai residency through property purchase is not only considered the fastest route, but also one of the best investment options in Dubai, offering substantial returns.
In recent years, many individuals have pursued Dubai residency through property purchase. However, it's important to note that before taking any steps in this direction, conducting thorough research is essential to avoid potential challenges.
Given the significance of this topic, we have decided to comprehensively examine the new conditions for obtaining Dubai residency, the cost of residency in Dubai, and more. If you are among those who are considering buying a property in Dubai for the purpose of migration and living in this country, be sure to stay with us until the end.
- Advantages of Obtaining Dubai Residency through Property Purchase
- Required Documents for Obtaining Dubai Residency through Property Purchase
- Minimum Property Price for Obtaining Dubai Residency
- Dubai Residency Conditions for Iranians
- Suitable Areas for Residency in Dubai
- Cost of Dubai Residency through Property Purchase
- New Dubai Residency Requirements
- Obtaining 5-Year Dubai Residency through Property Purchase
- Additional Costs of Dubai Residency through Property Purchase
- Legal Considerations for Obtaining UAE Residency through Property Purchase
- Drawbacks and Challenges of Dubai Residency through Property Purchase
- Permanent Residency in Dubai through Property Purchase
- Conclusion: Dubai Residency through Property Purchase
Advantages of Obtaining Dubai Residency through Property Purchase
Some individuals refer to Dubai as the city of superlatives, as everything you encounter in Dubai is of the highest quality and in the best conditions. Although this description might seem slightly exaggerated to some, it's fair to say that Dubai is one of the largest cities in the United Arab Emirates with excellent urban standards and desirable economic conditions. It boasts a high level of quality of life and has experienced significant growth and progress in recent years, making it a favorable platform for investment.
Being at the top of the list of the world's tourist cities, its proximity to Iran, and lower travel costs compared to other countries are among the advantages of obtaining Dubai residency through property purchase.
Required Documents for Obtaining Dubai Residency through Property Purchase
The necessary documents for residency in Dubai can be divided into two categories:
Documents Required for Initiating UAE Residency:
When applying for Dubai residency, a set of general documents such as a valid passport, passport-sized photo, national ID card, and birth certificate are required. Additionally, specialized documents such as a visa application form, and more, need to be provided.
Documents Required for Residency in Dubai through Property Purchase:
Medical certificate, medical insurance documents, property and real estate registration documents, police clearance certificate, income proof certificate, three passport-sized photos, bank account statement, property valuation letter, and a signed agreement letter between the buyer and the seller are needed.
Minimum Property Price for Obtaining Dubai Residency
The minimum price of a purchased property for obtaining residency and buying real estate in Dubai is 400,000 Dirhams. However, it's important to note that the price stated in the property document is calculated as its original value, not its current value! In fact, price fluctuations do not have an impact on the property's value and cannot lead to acquiring Dubai residency through property purchase.
Allow me to provide an example for this matter:
If the price of a property is stated as 600,000 Dirhams in the document, but its current market value is one million Dirhams, you cannot use this property to obtain Dubai residency. Only a property document that states a minimum property price of one million Dirhams is valid for obtaining residency in the UAE.
Dubai Residency Conditions for Iranians
The United Arab Emirates is a highly favorable country for various reasons such as good relations with Iranians and its proximity to Iran. This has turned it into a suitable option for Iranians considering migration and living abroad. In general, there are diverse options for Dubai residency for Iranians through property purchase, and compatriots can choose among them based on their circumstances and budget. Iranians can choose various types of properties such as apartments, townhouses, villas, each with its own advantages and disadvantages, for their residence.
Previously, this comprehensive article from New Way has discussed the Advantages and Disadvantages of Buying Property in Dubai. The type of property chosen is highly important. If you intend to reside in the purchased property, you must consider your lifestyle, otherwise, you might end up needing to sell or purchase another property, which would undoubtedly require a significant amount of time and expense.
Suitable Areas for Residency in Dubai
Similar to other renowned cities worldwide, Dubai is divided into various neighborhoods, each with its unique features. Currently, neighborhoods that are popular options for residency through property purchase in Dubai include areas such as Dubai, Dubai Marina, Palm Jumeirah, Jumeirah Beach Residences, Dubai's Business Bay, and more.
It's advisable to thoroughly research the area where the property is located before any residency-related endeavors in the UAE. Searching for neighborhood names online and seeking assistance from experts can provide valuable information in this field.
Cost of Dubai Residency through Property Purchase
Generally, housing prices in Dubai are highly variable. The most crucial factor in determining a property's value depends on the region in which it is located. The cost of property purchase for Dubai residency increases as you get closer to the city center and decreases in more distant areas.
The highest property prices are attributed to penthouses. For instance, the price of a penthouse in a location like Palm Jumeirah can reach up to 30 million Dirhams per square meter. By reading the article Buying Penthouses in Dubai, you can acquire comprehensive information in this domain.
New Dubai Residency Requirements
Residency permits are issued in two types: permanent and temporary. After several years of obtaining a temporary residency, you must apply for permanent residency. Property purchase is one of the methods for obtaining temporary residency in Dubai. The duration of temporary residency can range from 6 months to 2 years.
Obtaining 5-Year Dubai Residency through Property Purchase
The cost of Dubai residency varies depending on the type of purchased property. If you intend to obtain temporary residency for more than 2 years, you'll need to pay a higher amount for property purchase. The minimum required amount for obtaining a 5-year Dubai residency through property purchase is 5 million Dirhams, and for a 10-year residency, it's 10 million Dirhams.
Additional Costs of Dubai Residency through Property Purchase
When buying a house, it's important to note that if you're purchasing an apartment, you'll need to pay charges such as building fees monthly or annually. The amount of building charges depends on the location of the property, the number of floors, the number of units, and its amenities. It's worth mentioning that these charges are higher in luxury apartments.
Air conditioning and cooling systems in Dubai are of great importance and constitute a significant portion of a property's costs. Without a doubt, the larger the property's area, the higher the air conditioning costs.
Considering that the ancillary costs are substantial, it's essential to gather necessary information from a reputable real estate consultant before making a purchase.
Legal Considerations for Obtaining UAE Residency through Property Purchase
- After signing the contract, a percentage of the total property value needs to be paid as a commission to the real estate consultant.
- For the transfer of property ownership registration, a visit to the Dubai Land Department's office is necessary.
- For obtaining Dubai residency through property purchase, the purchased property document must not be under mortgage or collateral.
- Dubai residency is not issued for a property that has been pre-purchased and whose document has not yet been officially registered in your name.
- If you have purchased a property jointly with others, each person's share must be at least one million Dirhams for obtaining Dubai residency.
- Residency visas cannot be obtained for off-plan properties with mortgages.
- It's possible to apply for residency with a leased property.
Drawbacks and Challenges of Dubai Residency through Property Purchase
While obtaining Dubai residency through property purchase comes with numerous advantages, there are also challenges that you need to be aware of. Three main issues that could be considered as potential drawbacks of obtaining residency in Dubai through property purchase are:
- Due to Dubai's status as one of the most advanced cities in the world, property prices are relatively high. It might be more suitable for individuals with better financial means. However, it's important to note that property prices in Dubai are still lower compared to real estate prices in Tehran and other major cities in Iran.
- Residencies obtained through property purchase are temporary, and additional processes are required to convert them into permanent residencies.
- Buying property in Dubai does not necessarily mean you are required to work in the UAE.
Permanent Residency in Dubai through Property Purchase
Generally, there's no concept of permanent residency in Dubai, and the UAE does not grant permanent residency to anyone. Buying a property does not grant you the permission to obtain permanent residency in the UAE either. Unfortunately, in recent years, with the increasing interest in migrating to Dubai through property purchase, there has been a noticeable rise in real estate scams promising permanent residency.
Despite all the awareness efforts in this regard, promises of obtaining permanent residency through property purchase in Dubai can still deceive many individuals. Therefore, we strongly recommend that you only pursue legal avenues and work with reputable companies when seeking residency through property purchase and avoid any suspicious transactions.
Conclusion: Dubai Residency through Property Purchase
In this article from the New Way Real Estate consultant, we've tried to provide you with the most essential information you need to know about obtaining Dubai residency through property purchase. We hope that this content proves useful to you and that we've been able to contribute to your understanding of this matter.
If you have any specific insights not covered in this article, we would be pleased if you could share them in the comments section of the website, benefiting both us and other individuals who are concerned about obtaining residency in Dubai.
Due to the economic, social and welfare developments that Dubai has, today it has become the goal of many people's migration. This article provides you with complete information in this field.