Acumen finally seems to have entered the minds of UAE’s Federal Government officials who recently have started to consider the issuance of freehold property visas. This news was revealed of late by a top Dubai government official who said that introduction of residence visas on foreign property ownership in various emirates of the UAE was under serious consideration. The DG of Dubai Government’s Finance Department added that the proposal regarding issue of property-linked visas, which was put forward by the Advisory Council of Dubai Government, was under a review.
It should be kept in mind that some emirates, acting of their own accord, had already amended their foreign property ownership laws and developed their own freehold visa arrangements. The purpose of the proposed apply for visit visa uae freehold property visas at the federal level is to streamline the process and set a unified guideline for the entire UAE. The Federal Government officials hope that the new law will be introduced soon but no timeline for the regulation’s introduction has yet been announced.
Issuance of residence visas on the purchase of freehold property was earlier in place when big developers like Nakheel and Emaar helped foreign property buyers to get three-year renewable residence visas. But all of a sudden, the developers stopped facilitating the buyers in this regard which brought the issue of freehold visa into focus.
UAE property experts see the proposal as a wise step that could restore buyers’ confidence in this time of crisis and add lure to foreign property investment in the region that presently shows an investment meltdown. Since 2002, major developers in Dubai have successfully used the issuance of residence visas on the purchase of freehold property to attract foreign investment in the emirate’s real estate sector.
Dubai’s residential property has always appealed the investor and the common buyer alike. In all the emirates of UAE, especially Dubai, several new residential developments are underway or nearing their completion. Homes in Dubai have never lost their demand and the number of those looking to buy a house in Dubai is continuously on a sharp rise.
Hundreds of real estate agents have mushroomed throughout the emirate that offer a wide variety of Dubai homes for sale and urge the buyer to buy property in Dubai with confidence. Villas retain their unique appeal and investors love to buy villas in Dubai. Property owners can also get the best use of their property if they choose to sell property in Dubai or rent it out. If you own a property such as Dubai beach property or Dubai condos, you can get high returns through short term rental. For all other types of residential property, you can get handsome returns through long term rental in Dubai.
If enforced, the new law pertaining to the issuance of freehold property visas will surely add to the attraction of property investment in Dubai and other emirates of the UAE which under present circumstances appears to be lackluster.