Dubai Lands: with a total of 10,000 investors since its activation

The "Golden Residency" attracts investments to Dubai real estate worth 22 billion dirhams

Cityscape Global 2022 is the largest real estate event in the Arabian Gulf region.

Photography: Mostafa Qasimi

The Dubai Land Department stated that the total investments in Dubai real estate, for the purpose of residence, amounted to 77 billion dirhams, for 26 thousand investors, since the start of work on the residence system in the department.

And she indicated, in press statements on the sidelines of the “Cityscape Dubai Global 2022” conference, the largest real estate event in the Arab Gulf region, which launched its activities yesterday, at the Dubai World Trade Center, that the number of investments is distributed at 55 billion dirhams for real estate residence for a period of two years, For 16,000 investors, and 22 billion dirhams for long-term stays of five and 10 years (Golden), for 10,000 investors.

In detail, the Executive Director of the Real Estate Investment Promotion and Management Sector at the Dubai Land Department, Magda Ali Rashid, said, “The total investments in Dubai real estate for the purpose of residence amounted to 77 billion dirhams, since the start of work on the system for residency in the department, and it includes residency for two years, and the extended golden residency.” for five and 10 years.

And she indicated, “The investments were distributed at 55 billion dirhams for real estate residence for a period of two years, which is conditional on the existence of a commercial license and the value of a property less than one million dirhams (750 thousand dirhams), as well as the golden residence linked to a property with a value of more than one million dirhams, for a period of five years, which includes the residency of retirees.” With the condition of age (55 years), and 10-year residence for the property, with more than two million dirhams, which attracted about 22 billion dirhams.

For his part, a chief specialist at the "Cube" center for residency, affiliated with the department, Engineer Majid Khalfan Al Muhairi, said that "the number of investors associated with the golden residency with a real estate guarantee has reached 10,000 investors," stressing that the aforementioned number is very good, in conjunction with the short period of time. The issuance of golden residence permits associated with them, which have been in effect since July 2019, and differ from the two-year residence permit that began in 2012.

He pointed out that with regard to the numbers of residence of investors associated with a commercial license for a special purpose, which began in 2012, the number of beneficiaries recorded 16 thousand investors, with an investment value of approximately 55 billion dirhams.

He stressed that «the project was implemented from 2012 to 2017, then we began to develop the project and the Department of Lands and Properties became responsible for the real estate, and the Department of Economy and Tourism in Dubai, which is responsible for the commercial license, and the General Department of Residency and Foreigners Affairs in Dubai, which is responsible for immigration, and the Dubai Health Authority. , Dubai Police for examining traffic and behavior, health insurance for the investor, and the private sector represented in the service provider (printing offices), so there are seven agencies working on one way out, five of which are government agencies.

He pointed out that «the real estate residence project is in continuous development, as the project began with the start of activating the residence linked to a commercial license in the year 2012, which was an investment value in the real estate of about one million dirhams at the time, and the investor is entitled to residence for a period of two years, which was then reduced by the department to (750 thousand dirhams), but this residency faced many obstacles, and they were resolved, with the entry of the golden residency with the guarantee of the property.

And Al-Muhairi continued, “With regard to the conditions for obtaining residency, it is represented in a title deed for a property worth two million dirhams, and if the property is mortgaged, the payment will be one million dirhams, and the second condition is the passport,” stressing that the same procedures apply to retirees, but the value of the property It reaches one million dirhams and the age is 55 years.

Al-Muhairi indicated, "If the project is (on the plan), we will issue a one-year residence permit for it, and if it is completed, the residence permit will be converted to three years." 

70 exhibitors

Yesterday, the activities of the "Cityscape Dubai 2022" exhibition began, which will continue at the Dubai World Trade Center until the 23rd of this month, with the participation of 70 internal and external exhibitors from 15 countries.

A group of major real estate development companies in the UAE, in addition to companies from London, Miami, Phuket and Riyadh, participates in the exhibition, and welcomes national pavilions for three countries, namely Pakistan, Turkey and Azerbaijan, and aims to improve communication between individual buyers, consultants and investors in private real estate on the one hand, and the largest Real estate development companies, as well as real estate institutions on the other hand.

Cityscape provides an ideal platform for leading companies in the field of real estate development to highlight their new projects, communicate and interact with potential buyers, as well as exchange insights and views with real estate experts on the sector's trends and future prospects locally, regionally and globally, as the real estate market in the UAE is witnessing. The most prominent and active real estate market in the region, and a major attraction for investors from all over the world.

The director of Cityscape Dubai 2022, Alex Hoff, drew attention to the exceptional importance of the Emirate of Dubai in real estate investment, as the emirate recorded during 2022 a record year in sales volume, indicating that the real estate market in Dubai is one of the most transparent real estate markets in the region. Middle East and North Africa.

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