News - Real Estate
3 July, 2011 Real Estate
Three-year visas for UAE real estate investors
The UAE federal government has approved the extension of visas for UAE property investors from six months to three years.
The news agency, WAM, reports that the decision was taken by the Federal Cabinet at a meeting in Abu Dhabi. “The government took a raft of measures as part of its efforts to underpin economic growth within its strategic plan 2011-2013, including extension of visa for real estate investors to three years instead of six months,” Wam said.
The move has been welcomed by property executives across the emirates many of whom believe that the unavailability of long term visas has been a contributing factor to the depressed housing market.
Richard Paul, associate director of Cluttons, the property company, told The National - "This is welcome news, absolutely. It's been something we've been waiting for ever since they reverted it to six months."
Analysis:
Arabianbusiness.com: New visa rules may not be enough to absorb oversupply
The National: Visa change for homebuyers to spark UAE housing market recovery
Emirates 24|7: Will Dh1m visa clause be relaxed?
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