One of the most efficient real estate investment tricks is to buy an off-plan property due to its lower purchase cost and flexible payment plans. Additionally, due to the UAE government’s relaxation on off-plan property buyers obtaining the UAE golden visa, this segment of the real estate market is growing exponentially.
This article explains what off-plan property means and how you can use this to apply for a golden visa.
What is Off-Plan Property?
Off-plan property refers to real estate purchased before completion. Buyers invest in the property based on the plans, designs, and blueprints provided by the developer.
Benefits of Buying Off-Plan Property
Here are some key benefits of buying an off-plan property:
- Lower Purchase Price: Off-plan properties are typically offered at lower prices than completed units, allowing early investors to benefit from price appreciation.
- Flexible Payment Plans: Developers often offer attractive payment options that can help buyers manage their finances more effectively.
- Modern Amenities: New developments usually come with modern amenities and facilities, appealing to contemporary buyers.
- Choice of Units: Early buyers can choose from a more comprehensive selection of units, including those with the best views or locations within the development
Is it Possible to Obtain the UAE Golden Visa on Off-Plan Properties?
Yes, the UAE government has relaxed conditions related to the off-plan property. Now, you can obtain a golden visa without any requirement for construction completion. You must –
- Get an NOC from the developer.
- Confirm the payment of any amount related to the off-plan property investment in the NOC.
- Get valuation done by the DLD (Dubai Land Department) that must be at least AED 2,000,000.
How to Get a Golden Visa on Off-Plan Property?
Your real estate developer will help you complete your golden visa application paperwork. You can apply for the visa by following these steps:
- Go to the nearest golden visa residency service centre available at either a) Taskeen Residency at Cube-Al Manara Center, or b) Dubai World Trade Centre, Central 1 – Office No. 2, Ground Floor, Office No. 21.
- Submit the required documents and pay the fees. You will need to submit your ID proof, Title deed, photo, and residence permit.
- Get the medical examination done at the centre.
- Receive your visa in the email.
Wrapping Up
Off-plan property investment is an attractive option if you are looking to capitalise on lower prices, potential future appreciation, and golden visa eligibility. You can invest in an off-plan property in the UAE now since the UAE government has removed the prior restrictions, making it more accessible for you to obtain your golden visa.
