Register for our free newsletter

Latest News

What’s that sound?

What’s that sound?

That, dear readers, is the sound of reason.

October 12, 2009 1:36 by

Now here’s a watchdog Kipp can agree with.

The Ajman Real Estate Regulatory Agency (Arra) appealed to the federal government to reconsider the regulations of the soon-to-be-introduced property visa (and by “soon” we mean “heaven knows”), reported Emirates Business on Sunday.

Arra wants to remove the following requirements: fixed monthly incomes of AED10,000 or the equivalent; a minimum property value of AED1 million; and compulsory exits every six months, allowing homeowners to renew their visas for up to three years without having to leave the country.

In a written statement to the federal authorities, Arra said the following on the minimum property value requirement: “The value of property in the Northern Emirates does not exceed half of the value of property in other emirates, and [the current property visa regulations] will lead to only serving a certain investor.”

On fixed incomes, Arra said: “This might cause various problems and will open the door for companies operating outside the country to give salary certificates with no reliable references. From our experience in the real estate market, most investors are businessmen with no fixed income.”

Kipp’s been waiting anxiously for the voice of reason, and here it is. We never expected to come from Arra. It might have something to do with the fact that Ajman seems like a barren sink-hole. But don’t mind us, we’re just superficial.

Tags: , , ,

Leave a Comment