Latest news with #DubaiREST
Gulf Today
4 days ago
- Business
- Gulf Today
Plot of land in Dubai Islands sold for Dhs868 million
Dubai's real estate market on Wednesday recorded the sale of a plot of land in the "Dubai Islands" area for a total value of nearly Dhs868 million. According to data from "Dubai REST," the land spans 1.155 million square feet. Real estate transactions reached 3,340, resulting from 815 procedures. These included sales worth Dhs2.81 billion through 670 deals, mortgages totaling Dhs385 million from 126 procedures, and grants amounting to Dhs149 million achieved through 19 transactions.
India Today
6 days ago
- Business
- India Today
UAE Golden Visa 2025: Eligibility, benefits and how Indians can apply
The United Arab Emirates (UAE) offers a long-term residency program known as the Golden Visa, designed to attract foreign talent and investment by allowing individuals to live, work, or conduct business in the UAE without the need for a local sponsor. This visa is valid for ten years and is renewable, providing recipients with stability and numerous benefits, including the ability to sponsor family members and operate businesses CRITERIAThe Golden Visa is available to a diverse group of individuals, including:Investors: Those who invest a minimum of AED 2 million in real Individuals owning economic projects of a technical or future-oriented professionals: Doctors, engineers, scientists, and other professionals with specialized students and graduates: High-achieving students with exceptional academic earners: Individuals earning AED 30,000 or more per individuals: Artists, authors, and content creators meeting specific PROCESSFor property investors, the application involves: 1. Property investment: Invest in real estate valued at AED 2 million or more.2. Title deed acquisition: Register the property and obtain a title deed from the relevant land authority.3. Application submission: Apply through the Land Department, the General Directorate of Residency and Foreigners Affairs (GDRFA), or smart platforms like the Dubai REST Medical fitness test and Emirates ID registration: Complete a medical fitness test and register for an Emirates successful completion of these steps, the 10-year Golden Visa is issued and can be renewed provided eligibility criteria continue to be Local Sponsor Required: Freedom to live and work in the UAE Sponsorship: Ability to sponsor spouses, children, and domestic Ownership: Full ownership of businesses in the Stability: Maintain residency status even during extended periods FOR INDIAN NATIONALSIndian citizens are eligible to apply for the UAE Golden Visa, making it a significant opportunity for Indian professionals and businesspeople seeking long-term residence and business prospects in the UAE Golden Visa presents a valuable opportunity for qualified individuals to establish a long-term presence in the UAE, benefiting from the country's dynamic economy and strategic location.
Time of India
6 days ago
- Business
- Time of India
What is the UAE Golden Visa? Can Indians apply?
The UAE Golden Visa is a long-term residency permit that allows foreign nationals to live, work, or conduct business in the country without the need for a local sponsor. Initially introduced to attract high-value investors and top global talent, the visa is valid for ten years and is renewable. It enables recipients to enjoy greater stability and freedom, including the ability to sponsor family members, retain residency during extended stays abroad, and pursue business ventures independently. Who Can Apply for the UAE Golden Visa? The visa is open to a wide range of categories. These include investors, entrepreneurs, skilled professionals (such as doctors, engineers, and scientists), outstanding students and graduates, and high-income earners earning Dh30,000 or more per month. The list also extends to creative individuals like artists and authors, and more recently, content creators and influencers under specific criteria. While each category has its own set of eligibility requirements, one of the most popular and accessible pathways is through real estate investment. Can You Get a Golden Visa Through Property Investment? Yes, property investment is one of the simplest and most direct ways to secure a Golden Visa. If you invest Dh2 million or more in real estate, you may be eligible—provided the investment meets several conditions. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Retirement Villages in Bangalore (Search Here For Results) Senior Living Communities Undo The property can be owned individually or jointly, and it may even be mortgaged, as long as the mortgage is from a UAE-based bank approved by the local authority. Off-plan (under-construction) properties also qualify, but they must be purchased from government-approved developers. A key requirement is that you also hold valid UAE health insurance for yourself and your family. How Does the Application Process Work? Once you've purchased qualifying property, you begin by registering the ownership and obtaining a title deed from the Dubai Land Department or the relevant land authority in your emirate. You then submit your Golden Visa application through the Land Department, the General Directorate of Residency and Foreigners Affairs (GDRFA), or via smart platforms like the Dubai REST app. Additional formalities include undergoing a medical fitness test and registering for an Emirates ID. If everything checks out, your 10-year Golden Visa will be issued and can be renewed as long as eligibility requirements are maintained. What Are the Benefits of the Golden Visa? The biggest benefit is freedom. Holders of the Golden Visa do not need a local sponsor or employer to reside in the UAE, allowing them to live and work on their own terms. You can sponsor your spouse, children, and even domestic staff in certain cases. The visa gives you flexibility to travel in and out of the UAE without affecting your residency status. It's also ideal for long-term business planning, property ownership, and lifestyle stability in a tax-friendly and globally connected hub like Dubai. What If You're Not an Investor? There are plenty of alternative routes to the Golden Visa. If you're a highly paid professional, a scientist, a top-ranking university graduate, or someone who has made exceptional contributions to the arts or sciences, you can also apply. Many of these routes require endorsement from relevant UAE entities, but the government has made efforts to streamline the process and attract global talent in emerging sectors. Can Indians Apply for the UAE Golden Visa? Yes, Indian nationals are fully eligible to apply for the UAE Golden Visa, and they are among its most prominent recipients. With a large Indian expatriate population already residing in the UAE, the Golden Visa offers a seamless pathway for investors, entrepreneurs, professionals, and students from India to secure long-term residency. Whether you're purchasing property, earning a high salary, or qualifying through academic or creative excellence, Indians can access the same visa privileges as other nationalities—often with faster uptake due to their established ties and economic contribution to the Emirates. Why It Matters for Indians and Other Expats The UAE remains one of the top destinations for Indian professionals, business owners, and investors. Many Indians have already used the Golden Visa to secure a base in Dubai or Abu Dhabi, invest in real estate, and grow cross-border ventures. The visa is also an attractive option for expats from Pakistan, Bangladesh, Egypt, and the Philippines—offering a secure and flexible alternative to short-term work permits and dependent visas. Final Word The UAE is fast becoming one of the world's most attractive destinations for high-net-worth individuals, skilled professionals, and innovators. Whether you're an investor planning to enter Dubai's booming real estate market or a professional seeking long-term security in the Emirates, the Golden Visa is more than a travel document—it's a ticket to opportunity. To get started, you can reach out to the Dubai Land Department, GDRFA or travel consultants to help.
Arabian Business
28-01-2025
- Business
- Arabian Business
Dubai real estate: DLD opens freehold property conversion for Sheikh Zayed Road, Al Jaddaf – everything you need to know
In January, the Dubai Land Department (DLD) announced a landmark decision allowing private property owners in key sections of Sheikh Zayed Road and Al Jaddaf to convert their properties to freehold status, opening ownership to all nationalities in a move that could reshape investment opportunities across 457 prime plots in these strategic locations. The initiative, affecting 128 plots along Dubai's main business corridor and 329 plots in Al Jaddaf, aims to boost property values and attract international investment. "أراضي دبي" تعلن السماح لأصحاب الملكيات الخاصة في منطقتي شارع الشيخ زايد والجداف بتحويلها إلى تملك حر — Dubai Media Office (@DXBMediaOffice) January 19, 2025 That said, here is what the decision means for Dubai residents and property owners, and how it aligns with the emirate's ambitious Real Estate Strategy 2033 targeting a market value of AED1 trillion. Will property prices in Dubai's Sheikh Zayed Road and Al Jaddaf increase? 'Yes, converting to freehold will likely raise property values in Sheikh Zayed Road and Al Jaddaf, as they will become more attractive and competitive due to being freehold,' Toni Abou Jaoude, Sales and Leasing Manager, Betterhomes Local Division told Arabian Business. Under the new decision, property owners can begin the conversion process immediately through the Dubai REST smart app, followed by a DLD application and property valuation, with a conversion fee set at 30 per cent of the property's value. However, Jaoude added that the substantial conversion fee is likely to be offset by considerable long-term benefits. 'Freehold properties generally have higher resale value, better rental returns, and appeal to a wider buyer base, including international investors and residents from all nationalities. This opportunity will have a high certainty of attraction towards buyers that were previously limited by leasehold-type plots and properties,' he said. When asked about the choice of these locations, Jaoude explained that Sheikh Zayed Road and Al Jaddaf are strategic areas renowned for their connectivity, landmarks, and growth potential, making them ideal for driving investments and creating opportunities for expansion. So, what exactly is the difference between freehold and the old ownership type? Speaking to Arabian Business, Michael Kortbawi, Partner at BSA Law explained that the primary legal distinction between freehold ownership and the previous ownership model in the UAE lies in the rights available to foreign nationals and the areas accessible to them. Under freehold ownership, foreign nationals can: Own property and land outright in designated freehold areas without time restrictions. Fully exercise rights to sell, lease, or transfer the property, offering greater long-term security and flexibility. In contrast, the earlier ownership model restricted such rights and did not permit foreign nationals to own plots outright, he said, adding that individuals can still sell their property to anyone following the issuance of a freehold title deed. Is it wise to convert a property to freehold status? According to Betterhomes' Jaoude, converting a property to freehold status provides 'full ownership with no time or nationality limits, broader appeal to non-resident buyers and easier mortgage access.' Moreover, investors looking for secure long-term opportunities, residents seeking full ownership in prime areas and businesses interested in strategic locations are likely show higher interest in these areas following the decision, Jaoude said. What documents do I need for conversion? To convert your property to freehold in Dubai, you will, in principle, need the following documents, Kortbawi said: Original title deed: Proof of your current ownership Property map: A detailed map or site plan of the property Owner's identification: Copy of a valid Emirates ID or passport Ownership agreements: Any contracts or agreements related to the property's original acquisition Zoning compliance documents: Proof that the property complies with zoning and development regulations, if applicable (This step could be confirmed through DUBAI REST App) Liability clearance: Evidence that any mortgages, encumbrances, or liens on the property have been resolved (if applicable) Conversion application form: Completed application form submitted to DLD Payment receipt: Proof of payment for the 30 per cent conversion fee once the property valuation is completed. Additional documents required based on the specific property and Dubai Land Department requirements. 'You can change your mind during the conversion process, provided the DLD has not yet finalised the application and issued the freehold title deed. If you decide not to proceed, any partial steps taken (such as valuation assessments) may not be refunded, depending on the stage of the process. If you choose not to convert your property to freehold, your property will retain its current ownership status. This means you will continue to have the same rights and obligations as before, but you will not benefit from the additional rights provided to freehold properties,' Kortbawi explained. Moreover, converting a plot to freehold in Dubai does not change existing tenants' rights. Current leases remain valid under tenancy laws, and landlords must honour them until they expire unless both parties agree to changes, he said, adding that once converted to freehold, landlords can sell or transfer the property freely. If sold with an active lease, the new owner must uphold its terms until it ends. Kortbawi also explained that the new title deed issued after converting a property to freehold differs significantly from the old one. It reflects the property's updated status, granting full and perpetual ownership rights without time restrictions, unlike the previous ownership model. However, the 30 per cent fee for conversion is a fixed percentage of the property's assessed market value, determined by the Dubai Land Department, and cannot be negotiated. For properties with existing mortgages, Kortbawi said that owners must obtain approval from their lender before proceeding. 'The DLD typically requires a no-objection certificate (NOC) from the mortgage provider. The mortgage terms generally remain unaffected, but the lender may reassess the loan based on the updated freehold status and property valuation,' he said. Additional costs may also apply, such as administrative fees charged by the DLD for processing the new title deed, valuation fees for determining the property's market value, and NOC fees charged by lenders. However, the timeline for the conversion status to reflect could range from weeks to month, Betterhomes's Jaoude said, as this depends on 'approvals post access authorisation through Dubai REST app.' Nevertheless, he said the conversion to freehold attracts global investors, boosting demand and development, and could 'pave the way for other GCC/leasehold areas to convert as an example Jumeirah and Umm Suqeim which is known for its beautiful coasts and high in demand from buyers and tenants for both commercial and residential space.' 'Owners should evaluate the benefits, seek expert advice, and ensure financial readiness for the conversion. This initiative strengthens Dubai's property market, offering owners and investors from all nationalities valuable opportunities. Clear guidelines from the DLD will ensure smooth execution. This is a very exciting process for both sellers and buyers, with opportunities that might be time- and number-limited—catch the train before it leaves the station,' he concluded.
