It became 750,000 dirhams instead of one million... and set conditions for subscribing to "Tasken".

Dubai Land Department reduces the value of the property in order for the investor to obtain a residence permit

“Dubai Lands”: “Tasken” service allows you to apply for a residence visa for 3 years.

archival

The Dubai Land Department has reduced the value of the property necessary for the investor to obtain a residence visa valid for three years, renewable, to 750,000 dirhams or more, after it was one million dirhams previously, with the possibility of sponsoring the husband or wife and children.

This came in an update on the department's website regarding the real estate residency requirements that the investor obtains after purchasing a property in the emirate.

The update, which "Emirates Today" obtained a copy of, and published on the website of the "Dubai Lands" website, indicated that the "Tasken" program service allows the real estate investor who owns a property whose purchasing value is equal to or greater than 750,000 dirhams at the time of purchase, to submit an application. Obtaining a residence visa for three years.

According to the update, the required files, including the passport, are submitted, with an electronic copy of the ownership certificate available through the "Dubai Rest" application, and the ownership data is filled out.

Investor

The “Tasken” service includes four conditions for the investor, the first: that the minimum value of the property be 750,000 dirhams, while the second condition stipulates that if the property is mortgaged, 50% of the property value must be paid to the bank or The equivalent of 750,000 dirhams, with a no-objection letter from the bank to make a residence permit on the property and a statement of the mortgage account.

As for the third condition, it is that the husband and wife can share in one property and that the value of the property is 750,000 dirhams or more (bring a certified copy of the marriage contract), while the fourth condition indicates that an agency will be requested if the application is submitted on behalf of the investor.

family residence

The service also requires that with regard to family residency, three conditions must be met. The first is a letter of no objection from the father certified by a notary public (in case the mother is the sponsor), while the second condition relates to if the daughter is over 18 years old, as this requires (Letter of non-marriage), while the third condition is related to bringing a national identity card (for some countries only).

5 steps

The application for the service requires five steps, the first is to submit the application through the “Dubai Rest” application, then the customer is contacted if the application is approved to complete the procedure, and then the customer attends the Dubai Land Department to pay the full fees, followed by the examination procedure medical, and finally print the residence permit on the passport.

polarization

In addition, the Chairman of the Board of Directors of "W Capital" real estate brokerage, Walid Al Zarouni, said that the new update carried out by the department will undoubtedly increase the base of real estate investors wishing to invest in real estate in the emirate, especially since there is a large segment willing to invest and is still hesitating, He pointed out that such a decision would attract the vast majority of them.

Al-Zarouni added that the decision will reduce the real estate supply for the middle category of housing units, and encourage companies to launch projects in this category during the coming period, with demand activity.

more

In turn, real estate consultant Mohammed Al-Hefeti said that this step will contribute to increasing the number of investors in the real estate market in Dubai, which is characterized by investment attractiveness in general.

momentum

For his part, Head of Marketing at Aras Real Estate Group, Alaa Masoud, said that reducing the value of real estate within the service of the "Tasken" program contributes to increasing the momentum in the real estate sector in Dubai, especially with the increase in demand for real estate purchases significantly.

Service fee

The new update of the Dubai Land Department indicated that the service fees for the "Tasken" program amount to 14,967 dirhams for the investor's residence for three years, while for the family residence it is as follows: the wife (7061.25 dirhams), a daughter over 18 years (7061.25 dirhams). ), children under the age of 18 (6,361.25 dirhams), the son over 18 for one year only (5821.25 dirhams), the husband for one year only (5821.25 dirhams), as for the parents’ residence for one year only, up to (6821.25 dirhams).

Realtors: The new decision increases the number of investors in the local market.

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