August 17, 2023
The UAE's Golden Visa program, granting long-term residency to eligible investors, has surged in popularity. A significant contributing factor is the proactive approach of UAE banks, offering enticing mortgage rates and residency support services to attract global investors.
Demand for Golden Visas is spurred by UAE banks' competitive fixed-term mortgage rates, often up to two percent lower than those in comparable nations. This heightened affordability positions the UAE as an attractive destination for property investments, maximizing investors' value.
For instance, a Dubai property buyer can save approximately AED 20,000 per year on mortgage payments through a loan from a UAE bank, significantly impacting the overall cost of property ownership.
Beyond competitive mortgage rates, UAE banks are simplifying Golden Visa applications for foreigners. Offering minimal document requirements for non-resident housing loan applicants streamlines the process for those outside the UAE. Banks extend additional residency support, including guidance on visa applications and documentation.
This comprehensive approach facilitates foreign investment in the UAE and paves the way for the Golden Visa program. Consequently, the UAE becomes a more attractive investment destination, amplifying growth in the real estate sector.
The influence of UAE banks extends beyond Dubai, resonating in other emirates experiencing a surge in Golden Visa demand. Complementing this trend, property developers entice foreign investment with flexible payment options and appealing incentives.
For instance, Abu Dhabi extends a 10% property price discount to Golden Visa holders. Sharjah offers a 5% price cut and a municipality fee waiver for visa holders, while Ras Al Khaimah grants a 10-year Golden Visa to investors in properties worth AED 1 million or more.
UAE banks stand as pivotal drivers of the Golden Visa program, aligning competitive mortgage rates with residency support to facilitate foreign investor access to the thriving real estate sector.
The far-reaching impact spans beyond Dubai, with other emirates witnessing a Golden Visa upsurge. This phenomenon reflects positively on the UAE's economic outlook and portends a promising future for the real estate market.
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