How to Unlock Property Ownership in Dubai: A Guide for Emiratis and Expats

Dubai stands out for its vibrant property market, boosted by investment-friendly policies, beneficial tax conditions, and robust government support.

To enhance investor engagement, the Dubai government has rolled out a series of inventive initiatives aimed at promoting property ownership among both locals and internationals.

These initiatives range from financial assistance for home purchases to support in home construction, illustrating the government's commitment to aiding investors at every stage.

Delve into these Dubai government programs designed to facilitate home acquisition:

HOUSING INITIATIVES FOR UAE CITIZENS

Here are some specific housing assistance programs devised for the citizens of the UAE.

Sheikh Zayed Housing Program

This program is dedicated to providing housing assistance to UAE nationals seeking to construct their residences, especially targeting those without adequate living conditions for their families. It offers housing support, financial loans, and utilities aid.

To be eligible, individuals must not have acquired a home since 1999 and must lack the financial capability to build a new residence.

Mohammed Bin Rashid Housing Establishment (MRHE)

The MRHE effort aims to aid Emirati families in need of housing, by offering support for the maintenance and construction of existing homes, alongside the allocation of residential plots and homes provided by the state.

Eligibility is determined for those with a valid passport and family book issued by Dubai, and a household income ranging from AED 15,000 to AED 100,000 to qualify for financial assistance.

HOUSING PROGRAMS FOR INTERNATIONAL RESIDENTS

Following the citizen-specific initiatives, Dubai also offers housing assistance programs for international residents.

Golden Visa For Property Investors

Known as the Dubai Partner Visa, this visa is awarded to international property investors, granting them the ability to purchase and sell real estate within Dubai's freehold zones.

Offered in tenures of three, five, and ten years, it allows for legal residency within the UAE. The investment thresholds are set at AED 750,000 for a three-year visa, and AED 200,000 for both five and ten-year visas.

Required Documents

A list of essential documents includes the following ones:

• the establishment card,
• sponsor's bank account IBAN,
• memorandum papers,
• current UAE visa (if applicable),
• passport copy,
• sponsor's Emirates ID,
• photograph, and
• trade licence copy.

Visa Types

Investors can choose between visas processed by the Dubai Land Department (DLD) or the Federal Authority for Identity and Citizenship (ICA), with options for 3-year, 5-year, and 10-year visas, each having specific eligibility criteria.

Application Process

It involves visiting DLD’s Cube Centre or applying through ICA for the respective visas, submitting documents, undergoing a medical examination, and paying required fees, with service times typically ranging from 7-10 working days.

Costs

The total service fee for a 5-year Golden Visa totals AED 3715.75, with detailed costs for medical, visa, Emirates ID, and management fees.

Retirement Golden Visa

This visa caters to retired individuals, mirroring the Property Investment Visa, but with specific requirements such as being 55 years or older and owning a Dubai building valued at least AED 100,000, which must not be under mortgage.

UPDATES IN CITIZENSHIP POLICY

Recent amendments in UAE citizenship laws now allow certain individuals, including housing investors, to obtain Emirati nationality. This provision also extends to the investors' family members and spouses, contingent on owning accommodations in the UAE.

Citizenship processing is handled by the offices of the Rulers and Crown Princes, the Cabinet, and Executive Councils, following nominations from federal bodies.

MORTGAGE OPTIONS FOR PROPERTY BUYERS

Dubai also facilitates movable buying through mortgage and financial aids provided by various banks, regulated under Loan to Value Ratios (LTVRs) for smoother investment proceedings.

Government-regulated LTVR guidelines include:

• For UAE Nationals: A maximum LTVR of 80% for first-time buyers for properties up to AED 5 million, with a reduction to 70% for values above this. The LTVR for second purchases is set at 65%.
• For International Buyers: The LTVR stands at 75% for houses valued up to AED 5 million, decreasing to 65% for higher values.
• For Off-Plan Properties: A uniform LTVR of 50% is available to both UAE nationals and international buyers interested in off-plan buildings.