UAE property boom started few years back when the Emirates decided to allow foreigners to purchase land for residence or commercial use.
In 2002, Dubai was the the first emirate to do so, and in the absence of a proper real estate law then, the three master developers – Emaar, Nakheel and Dubai Properties – had promised to facilitate a three-year renewable residence visas to owners of freehold properties under a special arrangement with the residency department.
More than 20,000 families have moved into their freehold homes during the last six years, most of them on residence visas linked to their homes.
Now, when investors are driving like crazy to acquire a piece of land in UAE and people are selling dirt at gold prices, government of UAE has decided to pull major attraction out of the scheme. According to recent Gulf News report, Dubai is set to introduce a set of short-term visas in place of three-year residency visa, for foreign investors in real-estate sector.
RERA, a government agency that has its own financial and administrative independence with full legal authority to regulate the real estate sector in Dubai, has submitted proposals for a law to issue short-term visas in place of residency visas for real-estate investors. These visas may range from two weeks to few months depending on type and amount of investment.
The proposal, if approved, might be implemented at a federal level, especially that the local laws of most emirates allow foreign ownership of property.
In 2002, Dubai was the the first emirate to do so, and in the absence of a proper real estate law then, the three master developers – Emaar, Nakheel and Dubai Properties – had promised to facilitate a three-year renewable residence visas to owners of freehold properties under a special arrangement with the residency department.
More than 20,000 families have moved into their freehold homes during the last six years, most of them on residence visas linked to their homes.
Now, when investors are driving like crazy to acquire a piece of land in UAE and people are selling dirt at gold prices, government of UAE has decided to pull major attraction out of the scheme. According to recent Gulf News report, Dubai is set to introduce a set of short-term visas in place of three-year residency visa, for foreign investors in real-estate sector.
RERA, a government agency that has its own financial and administrative independence with full legal authority to regulate the real estate sector in Dubai, has submitted proposals for a law to issue short-term visas in place of residency visas for real-estate investors. These visas may range from two weeks to few months depending on type and amount of investment.
The proposal, if approved, might be implemented at a federal level, especially that the local laws of most emirates allow foreign ownership of property.
UAE Property Buyers video
The law, if implemented, may burst the property bubble and discourage new visitors. It may also become another major revenue stream for UAE government, as investors have to travel 3-4 times a year to check out their properties.
UAE Property Buyers video-II
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