UAE Unveils Strategic Move to Bolster Real Estate Sector
Visa Extension for Real Estate Investors Approved
In a significant step aimed at revitalizing the real estate market and enhancing investor confidence, the UAE federal government has officially approved the extension of visas for real estate investors. This pivotal decision was ratified during a Cabinet meeting presided over by Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai.
Key Highlights of the New Policy:
- Visa Tenure Extended: From 6 months to 3 years for real estate investors.
- Eligibility Criteria: Applies to foreign owners of properties valued at AED 1 million or more.
- Previous Requirements: The 6-month visa necessitated a review every six months for continued eligibility.
Strategic Objective:
The extension of visas for real estate investors forms part of the government's broader strategic plan for 2011-2013, designed to stimulate economic growth. This move is anticipated to not only bolster the struggling real estate market but also reinforce confidence among investors, both domestically and internationally.