The UAE government 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 was taken during a cabinet meeting chaired by vice president and prime minister of the UAE and ruler of Dubai HH Sheikh Mohammed Bin Rashid Al Maktoum.
Currently foreign owners of property worth more than 1 million dirhams (75,000 KD) in the UAE are eligible to get a six-month visa, which needs to be reviewed 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 said earlier this year it cancelled as many as 217 registered property projects over the past two years.
The decision was taken during a cabinet meeting chaired by vice president and prime minister of the UAE and ruler of Dubai HH Sheikh Mohammed Bin Rashid Al Maktoum.
Currently foreign owners of property worth more than 1 million dirhams (75,000 KD) in the UAE are eligible to get a six-month visa, which needs to be reviewed 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 said earlier this year it cancelled as many as 217 registered property projects over the past two years.
Tnks zainul_hussain@yahoo.com
No comments:
Post a Comment