UAE extends visa for property investors to 3 years
Reuters reports monumental decision extends 6-month visa to three years, in hopes it will help inject life into the UAE's flailing property market.
June 28, 2011 4:59 by p.deleon
The UAE has extended visas for real estate investors to three years from six months, the state news agency WAM said, as the Gulf state looks to boost investment in its struggling property market.
The decision, taken at a cabinet meeting on Tuesday chaired by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, is part of UAE’s strategic plan for 2011-2013 to ensure economic growth in the country, WAM said.
Currently foreign owners of property worth more than 1 million dirhams ($272,300) in the UAE have to renew their visa every six months.
Dubai’s property sector has been hit hard in recent years with billions of dollars worth of projects put on hold or cancelled, while property prices slumped as much as 60 percent largely due to lack of buyers in the market.
Dubai’s Real Estate Regulatory Authority (RERA) said earlier this year it cancelled as many as 217 registered property projects over the past two years. ($1=3.672 dirhams) (Reporting by Praveen Menon; Editing by Gulf newsroom)