The UAE is the ultra-modern, shining jewel of the Middle East. Dubai and Abu Dhabi, in particular, boast luxury hotels, the world's tallest building, and an ever-expanding business and tech sector. In 2022, Dubai scored second in the ranking of the best cities for foreign nationals worldwide while being home to 8 million ex-pats from 200 countries.
The UAE is an increasingly attractive target for those wishing to secure a long-term residency permit through property investment. We at High Net Worth Immigration have all the information you need to start your investment journey.
Read this article to learn about the top five reasons why the UAE property market is a worthwhile investment destination.
The UAE Golden Visa allows successful applicants to live and work in the UAE without the need for local employment or sponsorship. Recipients are afforded all of the benefits of being a permanent resident, and applicants are granted a six-month entry visa during the application process.
If you wish to apply for a five-year Golden Visa, you must own a single property or multiple properties with a collective value of a minimum of 2 million AED (around USD 545,000). The visa can be renewed under the same conditions and without needing a sponsor.
If you want to learn more about UAE Golden Visa requirements, eligibility criteria, required documents, and costs, click here to read our comprehensive guide.
The investment market in the UAE is going from strength to strength. Expo 2020 in Dubai is just one example of how the UAE is invested in innovation, expansion, and future-focused business.
In June 2021, the UAE removed the need for a local sponsor to start a business, which further increased the ease of doing business. The Global Competitiveness Report of 2019 ranked the UAE as the ‘most competitive economy’ in the Middle East and North Africa.
To meet the demand of an increasing population and cement its status as a top investment destination, the UAE has billions of dollars earmarked for transportation infrastructure projects in the coming years.
Due to an encouraging bounce-back after the global pandemic, there has been significant interest in new construction projects, with some new ventures selling out immediately.
Like everywhere, the UAE property market was hit with a period of instability due to the global pandemic. It has, however, recovered quickly compared to other economies thanks to its government initiatives.
There has been a sharp incline in the Residential Properties Price index since the later stages of 2021, and it is continuing to grow. In November 2022, there were 10,941 registered transactions worth AED 30.49 billion (US$ 8,167,734,000.00), demonstrating significant growth in the UAE property sector.
For those wishing to invest in property for rental purposes, there has also been an average increase of 19% in rent in Dubai in the last year.
The UAE currently has an overabundance of new or nearly completed properties on the market, keeping prices relatively affordable. Still, as it is an ever-growing destination for businesses, ex-pats, and tourists, the investment returns are high. Rental yields in Dubai and Abu Dhabi are 5.8% and 6.0%, respectively, which is higher than in New York, London, or Hong Kong.
The UAE government levies no personal income tax, property tax, rental income tax, or value-added tax on residential properties (commercial properties are subject to a small 5% VAT tax.)
Starting in June 2023, the UAE is introducing its first-ever corporation tax of 9% for profits exceeding US$102,000. Still, the rate for businesses underneath that threshold will remain at zero to support start-ups and attract innovators. Furthermore, the tax will not apply to foreign investors who have businesses operating elsewhere.
Despite the new tax levied, it is still considerably lower than other popular jurisdictions like Hong Kong, the UK, or Ireland.
Dubai is, as always, leading the charge with new and note-worthy real estate projects. In fact, construction is booming across the entire UAE. There is a particular focus on luxury villas, beachfront living, and multi-use residential/work spaces to cater to the increase in remote and flexible working. Leading Dubai property developers have recently announced plans to build the world’s tallest residential building in the city’s business bay district.
Despite the global challenges of recent years, the UAE remains a highly lucrative destination for property investment and a safe place to reside with an exceptional quality of life. We at High Net Worth Immigration are on hand to advise on the UAE Golden Visa, guide you through the many investment opportunities, and help you begin an exciting new phase of your life.
We can help you find and secure qualified real estate properties for the UAE Golden Visa, including arranging visits to Dubai to view properties and offering end-to-end application support.
Would you like to hear more about our exclusive UAE Golden Visa properties? Contact Us Now!
Dubai is a tried and tested investment location that boasts a variety of investment options and a high rental return. We do, however, recommend that you work with an expert service such as ourselves to ensure a safe and smooth process.
The UAE Golden Visa package is extremely attractive. The visa requirements recently dropped from a minimum investment of 5 million AED (US$1,362,000) to 2 million AED (US$545,000) and added a 10-year option, so there has never been a better time to apply.
While there are some annual municipal fees on the property, in the UAE, there is no property tax, which makes the country an excellent destination for savvy real estate investors looking for lucrative investment opportunities and attractive rental yields.
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