Dubai Property Buyers To Get New Visas

Dubai is all set to initiate a set of short-term visas for foreign investors in the real estate segment, a top official said. This would allow realty investors in Dubai to travel in and out of the UAE to follow up their investments in the property market.

Dubai property buying just got easier

Marwan Bin Galita, CEO of Dubai Real Estate Regulatory Agency (RERA) said: “We have submitted the proposals to this effect to the higher government authority. Once this law is approved, this might be implemented at a federal level as well. There is no direct link between Dubai property ownership and residence visas. Developers should not lure investors to property sector with a promise of residence visa.”

The comments reverse the government’s earlier stand on visas for realty owners in Dubai. In the absence of a proper real estate law since opening up property sector to foreign nationals in 2004, the three master developers - Emaar, Nakheel and Dubai Properties - promised to facilitate a three-year renewable residence visas to owners of freehold properties under a special arrangement with the residency department.

Source: www.gowealthy.com