Dubai Property & Real Estate Visa Update

Less than a decade ago, most people outside the Middle East new nothing about the small Emirate of Dubai, and any questions about the city would no doubt be met with blank stares and shrugs. But how things have changed. Now Dubai enjoys a global reputation, with people from all areas of the globe of aware of the Emirate of Dubai. In most peoples mind Dubai conjures up image of spectacular real estate and hotels, fast cars, sunshine and beaches. And there can be no doubting the role of foreign investors in Dubai’s rapid prosperity. Dubai initially caught the eye of foreign investors with the launch of the spectacular Palm Jumeirah development back in 2001.

This unique palm shaped island set out in the Arabian Gulf captured international media attention, and attracted large amounts of foreign investment to the city. The government’s decision to allow freehold ownership for foreign investors proved a master stroke and Dubai quickly became one of the hottest freehold real estate markets in the world. With year around sunshine, beaches and a great life style on offer, many foreigners saw Dubai as a great destination to own a second home or to come live.

As part of attracting this foreign investment, the government allowed some of Dubai’s largest developers such as Nakheel, Emaar and Damac to offer Dubai real estate visas. This allowed these developers to issue foreign investors with residency visas when they purchased a freehold property in Dubai. These Dubai property visas proved a big success, and plentiful investment in Dubai followed that has resulted in the spectacular and wonderful freehold real estate that is now on offer throughout Dubai.

However, the Dubai government, for reasons only known to themselves, decided to revoke this privilege from developers. At the time the freehold market was at its peak. Cue the property crash and huge pressure was then placed on the Dubai government to reintroduce Dubai properties with visa. With property sales reaching all times low as a result of the world economic problems and Dubai property crash, the government needs to do everything in its power to kick start the freehold property market. And the good news is that the government has decided to do just this. We should therefore hopefully see Dubai property visas brought back sooner rather than later, which will no doubt be a relief to all those involved in Dubai property!
 

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