United Arab Emirates (Dubai) Plans To Unite Freehold Property Visa`s

It looks like the Dubai government may well be ready to move and readjust its policy towards issuing freehold property visas. Since 2002 Developers in Dubai have been giving those foreign nationals, who purchased Dubai real estate residency visas, but recently the rules were changed and some developers were unable or unwilling to issue the residency visas anymore. By giving residency visas for a freehold property purchase, the Dubai government was able to attract a huge amount of foreign investment to Dubai. After witnessing the success of such a policy a number of developers in Ajman and Ras Al Khaimah decided to also employ this policy to foreign real estate investors. Since the visa policy was stopped there have been strong calls to reintroduce it. Now with only two out of seven Emirates not offering freehold property to foreigners there are calls for a unified freehold property visa for the United Arab Emirates.

With Dubai really feeling the effects of the world economic turndown, real estate sales in the Emirate have plummeted to a record low. Therefore now would be the ideal time to act and to go back to developers being able to issue residency visas, so as to try and help stimulate real estate demand. The government advisory council that was created last October is now looking into the matter and says it will suggest a review of this area, and that perhaps all Emirates can instead follow a unified set of guidelines that will help clarify and simplify the process for all. Whilst no time frame has been given, the suggestion has been greeted with enthusiasm all around, and should help restore confidence in the UAE’s freehold real estate market. Just this one change could make a large difference to whether investors decide to purchase Dubai properties or not. And at the present time, anything that can be done to improve this area should be.

Hopefully the Dubai government will not stall on the matter, and a quick implementation will follow, which can hopefully go someway to boosting property sales throughout all the Emirates. If this law does go through, it will become one of the many new changes brought in by the Dubai government in the past few weeks, all of which are aimed at increasing stability and long term health of the freehold property market.  
 

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