July 06, 2011
The UAE (United Arab Emirates) federal government has approved the extension of visas for real estate investors from 6 months to 3 years, it has been announced.
This is likely to boost a struggling the UAE real estate market and boost investor confidence, was taken during a Cabinet meeting chaired by vice-president and prime minister of the UAE and the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum.
UAE's official news agency WAM Said, "The government took a raft of measures as part of its efforts to underpin economic growth within its strategic plan 2011-2013, including extension of visa for real estate investors to 3 years instead of 6 months,"
Presently, foreign owners of property worth more than 1 million dirhams are eligible to get a six-month visa, which needs to be reviewed every six months.
This is likely to boost a struggling the UAE real estate market and boost investor confidence, was taken during a Cabinet meeting chaired by vice-president and prime minister of the UAE and the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum.
UAE's official news agency WAM Said, "The government took a raft of measures as part of its efforts to underpin economic growth within its strategic plan 2011-2013, including extension of visa for real estate investors to 3 years instead of 6 months,"
Presently, foreign owners of property worth more than 1 million dirhams are eligible to get a six-month visa, which needs to be reviewed every six months.
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