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Dubai has attracted real estate investments for the purpose of residence, worth 77 billion dirhams, pumped by 26,000 investors, according to the Dubai Land Department. Magda Ali Rashid, Executive Director of the Real Estate Investment Promotion and Management Sector at the Dubai Land Department, said in statements during the “Cityscape Dubai” exhibition that the real estate sector in Dubai has attracted investments for the purpose of residency worth 77 billion dirhams since the launch of the residency programs under real estate investment.
She explained that the investments include 55 billion dirhams real estate investments for residency for two years, which requires the existence of a commercial license and a property value of less than one million up to 750,000 dirhams, in addition to 22 billion dirhams for two categories of golden residency, the first is a 5-year residency under the purchase of a property with a value of more than one million dirhams. , which also includes the residency of retirees over 55 years of age, and the second is a ten-year residency for a property whose value exceeds 2 million dirhams
In turn, Eng. Majed Khalfan Al Muhairi, a principal specialist at the “Golden Cube” center, which is one of the initiatives of the Land Department, said that the golden residency under a real estate guarantee has attracted 10,000 investors since its activation in July 2019 so far, while the residency program has attracted investors associated with a real estate license. A special purpose business, which started in 2012, has more than 16 thousand investors who have pumped nearly 50 billion dirhams.
He explained that the real estate residency program is witnessing continuous developments, as it started with the activation of residency linked to a commercial license in 2012, and at that time included an investment in real estate worth one million dirhams with a two-year residency, and was later reduced to 750,000 dirhams, while a commercial license was required at that time to allow opening A bank account for the non-resident investor, but with the launch of the golden residence with the guarantee of the property, the matter became available without the need for a commercial license
