In a move that is set to boost the real estate market, Dubai has updated the requirements for the 10-year Golden Visa.

Previously, property investors were required to make a down payment of AED1 million to qualify for the visa. However, this requirement has been altered, according to several reports.

Now, to be eligible for the Golden Visa, regardless of the down payment amount and the property’s status (off-plan, completed, mortgaged, or not mortgaged), investors can now qualify for a Golden Visa by owning a property worth AED2 million ($545,000) or more.

Source: Arabian Business