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UAE extends visas for property investors

Date : (News Section: United Arab Emirates)

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UAE extends visas for property investors

The United Arab Emirates (UAE) has taken the decision to extend the length of property investors' visas to three years - up from six months - in a bid to boost the nation's real estate market.

Chairman of one of the region's largest development companies Emaar Properties Mohammed Alabbar stated that the visa extensions will "significantly enhance investor confidence and drive the growth of the country's property sector".

Meanwhile, Citigroup suggested that while the move could aid residential real estate in the UAE, it is likely to be restrained by an oversupply in the market.

Rather than having to renew their visas every six months, foreign investors will now be entitled to a three-year multiple-entry visa - as long as they own property worth more than one million UAE dirhams (£169,040).

The UAE was among the biggest fallers in the Knight Frank Global House Price Index Q1 2011 published earlier this month. According to the organisation, residential property values in the nation dropped by 8.2 per cent year-on-year.
 

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Article by +Peter Mindenhall on behalf of Propertyshowrooms.com

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