Three year multiple entry visa for those who buy property in the UAE

by Ray Clancy on June 30, 2011

Property visas unveiled in UAE

Foreigners investing in property in the United Arab Emirates will get a three-year multiple entry visit visa instead of six months, it has been decided.

The visa extension is regarded as a blatant attempt to tempt back foreign property buyers who have deserted places like Dubai since the global downturn resulted in a huge drop in real estate prices.

Sultan Butti Bin Mej-ren, director general of the Dubai Land Department, said that the decision would have a major impact on the real estate market. ‘I expect a 20% increase in the demand to buy property in the UAE. However, it will not lead to a rise in real estate prices,’ he added.

A long-term property visa was a long-standing demand of many property investors since the concept of freehold took hold in the United Arab Emirates according to Abu Khaled, a property consultant.

‘I know investors from the Indian Subcontinent and from Iran were particularly anxious about a long-term property visa. This move by the Federal Cabinet will re-open the property sector all across the UAE, not just Dubai, and we shall soon see demand returning and places such as Ajman and Umm Al Quwain become active again. I can see another period of good growth returning to the sector,’ he said.

‘I have invested in three properties in Dubai and one in Ajman. I have enough funds to take care of my living expenses. I like Dubai and I wanted to make this my home. But I needed a residence visa, as I am an Indian passport holder. I did start a business to get a residence visa, but it was a hassle. If through my properties I can get a residence visa for three years, then why not? It will be cheaper than the cost of setting up a company and way less hassle,’ Rajiv Singh, an investor, told Gulf News.

Property developers are delighted. ‘This is something beyond the market’s expectation. The decision is very forward looking and will help to boost the market, not just in Dubai, but across the emirate. It will certainly have a very positive impact and help property prices recover over the time,’ said Sheikh Maktoum bin Hasher Al Maktoum, president, Al Fajer Properties.

‘The extension of property visa to three years from six month is a positive sign. The sector is now moving towards stability and maturity. Overall, it will help the industry move forward. Besides, the property visa term is more than the normal visa (two years) and this shows that the officials have taken into consideration the investment made by people in property sector,’ said Masood Al Awar, chief executive of Tasweek Real Estate Marketing and Development.

It will improve stability in the market, according to Abid Junaid, executive director, ETA Star.The decision is a big relief to all the people who have existing units and for people who are looking to buy properties. It will allow people who were indecisive to speed up their decision process,’ he added.

‘This shows how serious the decision makers here are about safeguarding investors. The decision will not just help the Northern Emirates, but all the emirates,’ said Omar Al Barguthi, former Ajman Real Estate Regulatory Agency director general.

{ 5 comments… read them below or add one }

KKG June 30, 2011 at 12:25 pm

This is a joke!!! As an investor who lost money, time and trust in the property crash of 2009-10, I am not at all convinced. I have a useless piece of paper (Read UAE Property Contract) signed in 2008 that indicates that my property in Ajman will guarantee a residence permit. That useless piece of paper was over ruled by another useless piece of paper (Read amendment to UAE visa law) during the crisis that said that I can only get a residence permit if I have a property valued at over a Million Dirhams. And now…another useless piece of paper.

Tough luck, you are not going to attract investors.

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Dora Miles July 7, 2011 at 11:57 am

I would prefer to receive a passport and citisenship , if I have bought property, I would expect that!

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warren4321 August 17, 2011 at 1:59 am

As of US economy also facing a downturn, it is very unlikely for Dubai to lure in foreign investors to buy property in the region even they extent the visas. Maybe Dubai still need sometime for recovering.

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Nafi September 26, 2011 at 8:09 pm

Its very unfortunate that the freehold companies made false promises. But we were a little late to realize the facts..

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victoria May 31, 2012 at 3:43 pm

I owned the apartment in Dubai and I wish that I can live in Dubai free from visa. I want to work and change my employer any time if needed like at home. I am not asking for citizenship or passport, i am happy with mine. Some time i think why they don't do that is because they need money from companies for visas expenses? I think, to hold people here in Dubai is better, because only then people start to spend money here in UAE instead of saving and spend at home. UAE don't think about future, one day petrol will finish and what will happened then?

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