UAE extending visas for property owners

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The UAE has announced an extension of their 6-month visa for foreign property owners to 3 years, along with other changes aimed at stimulating the UAE’s fledgling housing market.  The Federal Cabinet, led by Dubai’s Sheikh Mohammed Bin Rashid Al Maktoum, also decided to improve pension and retirement options for government workers, add more capital to state-run Emirates General Petroleum Corporation, and increase funding for the Sheikh Zayed Housing programme for 2011.

An oversaturation of residential and commercial units has caused Dubai to see a reduction in sale prices of up to 10%, with Abu Dhabi facing up to 20% losses.  The government hopes that these, along with other cooling options, will help the market stabilize and attract more foreign property owners.  Abu Dhabi has also announced a plan called Vision 2030 to build a vibrant shopping, dining, and living downtown area in the next 20 years.

 

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The UAE has announced an extension of their 6-month visa for foreign property owners to 3 years, along with other changes aimed at stimulating the UAE’s fledgling housing market.  The Federal Cabinet, led by Dubai’s Sheikh Mohammed Bin Rashid Al Maktoum, also decided to improve pension and retirement options for government workers, add more capital to state-run Emirates General Petroleum Corporation, and increase funding for the Sheikh Zayed Housing programme for 2011. An oversaturation of residential and commercial units has caused Dubai to see a reduction in sale prices of up to 10%, with Abu Dhabi facing up to 20%...

Reading Time: 1 minute

The UAE has announced an extension of their 6-month visa for foreign property owners to 3 years, along with other changes aimed at stimulating the UAE’s fledgling housing market.  The Federal Cabinet, led by Dubai’s Sheikh Mohammed Bin Rashid Al Maktoum, also decided to improve pension and retirement options for government workers, add more capital to state-run Emirates General Petroleum Corporation, and increase funding for the Sheikh Zayed Housing programme for 2011.

An oversaturation of residential and commercial units has caused Dubai to see a reduction in sale prices of up to 10%, with Abu Dhabi facing up to 20% losses.  The government hopes that these, along with other cooling options, will help the market stabilize and attract more foreign property owners.  Abu Dhabi has also announced a plan called Vision 2030 to build a vibrant shopping, dining, and living downtown area in the next 20 years.

 

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