Dubai’s real estate market is considered for investments thanks to investor-friendly policies, tax incentives and governmental initiatives. For facilitating the investor’s to the utmost, the government has introduced visionary schemes aimed at fostering property ownership for both residents and non-residents alike. Whether it is financial aid to buy a home or house-building assistance, the government helps property buyers at every level.
Here are some government schemes for buying property in Dubai that you can avail of.
Government Schemes for Emirati Home Buyers
Following are the government housing schemes in Dubai specifically designed for the Emiratis.
Sheikh Zayed Housing Programme
The Sheikh Zayed Housing Programme is a government housing assistance scheme that helps Emiratis in building homes. The scheme is only for UAE nationals who are unable to have a suitable residence for their family.
Housing assistance, financial loans and utility housing are offered by the Housing Programme to the residents. However, to avail of the Programme, the applicant must not have owned a house since 1999 and must not have enough income to construct a new home.
For complete details, read through our blog on the Sheikh Zayed Housing Programme.
Mohammed bin Rashid Housing Establishment (MRHE)
MRHE is a Dubai government initiative to provide Emaratis with housing assistance. The housing assistance scheme offers assistance for maintaining and constructing existing property and also grants residential plots and government houses.
The scheme is only limited to individuals with a valid passport and family book issued by the Dubai government. Moreover, the applicant’s income should be more than AED 15,000 and less than AED 100,000 to avail of financial assistance.
Government Schemes for Expat Home Buyers
Now that you are aware of the schemes for Emiratis to buy property in Dubai. Let’s move towards the government housing schemes in Dubai for expats.
Golden Investor Visa
The Dubai Investor Visa, also known as the Dubai Partner Visa, is granted to real estate investors. Through investment visas, expats can buy and sell properties in the freehold areas of Dubai. The Investor Visa is granted for three, five and ten years, allowing expats to live in the Emirates legally.
For the three-year investment visa, the minimum required investment is AED 750,000. Whereas, the investment limit is AED 200,000 for five and ten-year Investment Visas. Here are the complete details regarding the Dubai Property Investment Visa.
Golden Visa for Retirees
The Golden Visa for Retirees is similar to a Property Investment Visa but is restricted to retirees. The applicant must be at least 55 years of age or older and have property worth AED 100,000 in Dubai. However, the property should not be mortgaged when applying for the Golden Visa.
Besides, here is the complete guide to buying properties in Dubai as an expat that can help you with the process.
Citizenship Laws
The UAE government has recently amended the citizenship laws, allowing specific people, including investors, to have Emirati citizenship. For investors, owning a property in the UAE is necessary to be eligible for citizenship. Along with investors, the family and spouses will also be eligible for citizenship.
Please remember that the process of Emirati Citizenship will be conducted by Rulers and Crown Prince Courts, Cabinet and Executive Councils as per the Federal entities nominations.
Mortgage for Property Investors
Alongside government schemes for home buyers in Dubai, investors can also avail of the mortgage and financial assistance offered by different banks in Dubai. The government has regulated the Loan to Value Ratio (LTVR) and other aspects of mortgages for the convenience of investors.
The following are the maximum LTVRs set by the government.
- Emiratis: For first-time Emirati home buyers, the maximum LTVR is 80% on a property worth AED 5 million. For properties worth more than AED 5 million, the LTVR is 70% of the total value. Browse through our blog on finance for first-time Emirati home buyers for more information. The second time home buyers will leverage 65% LTVR value.
- Expats: For expats, the maximum LTVR is 75% for properties worth AED 5 million and 65% if the worth is more than AED 5 million.
- Off-Plan: Off plan buyers (Expats and Emiratis) will get a maximum LTVR of 50%.
FAQs
Where can expats buy property in Dubai?
Expats are allowed to buy and sell properties in the freehold property areas of Dubai.
What is the minimum investment required for a Dubai Property Investment Visa?
AED 750,000 is the minimum investment amount required for a 3-year Property Investment Visa.
Can I get citizenship in the UAE?
Yes, after the recent amendments, certain nominated individuals are eligible for UAE citizenship.
These were all the government schemes for buying properties in Dubai. The government schemes are designed to facilitate investors and property transactions in the Emirate. If you are also interested in availing these opportunities, browse through these properties for sale in Dubai and invest in real estate.
If you are new to the investment market, here are some Dubai’s real estate investment strategies that can assist in yielding higher returns.
Stay tuned to dubizzle’s property blog for more information on the property-buying process in Dubai.
