New visa law 'soon' for Dubai property buyers

NEW LAW: New regulations will clarify the visa rules for real estate investors in the UAE.

A new law that would clarify the rules on issuing residency visas to property buyers in Dubai could be introduced this year, it was reported on Wednesday.

Business leaders say they have raised the issue with government officials who have told them that new regulations will be brought in "soon".

"We believe this has to be cleared. We raised it to the government and the government came back and said there is a law that will come very soon and we feel it has to come," said Hamad Buamim, director general of the Dubai Chamber of Commerce and Industry.

"The law will clarify who deserves a visa in terms of their investment in the real estate. We don't know when it will be out but the government says it will be soon. I think soon means within this year," he told the paper.

Previously, most real estate advertisements boasted of 99-year visa for purchase of freehold property but officials say such guarantees are not within the jurisdiction of any property firm.

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READERS' COMMENTS

Trick
Posted by Ramin on Saturday 6 June 2009 at 14:30 UAE time


You know what? These all are tricks to invest your painful earned Dirhams in U.A.E not in your country.
By the way don’t forget that U.A.E is a third world country in a progressive bubble shape.

Consistency Required
Posted by Hans, Dubai, UAE on Wednesday 29 April 2009 at 22:59 UAE time


I love Dubai and would love to invest in it and see it be successful but I implore the UAE authorities to be consistent and transparent and look ahead 100 years from now. Consistency and transparency can only instill confidence and help keep Dubai as a top regional destination for capital, investments and logistics in the middle east and africa.

Who will come to rescue buyers and investors ....defaulters bleeding wounded totally hopes fading
Posted by Ramesh, Dubai, UAE on Wednesday 29 April 2009 at 21:16 UAE time


The point is Who will come to rescue buyers and investors ....defaulters bleeding wounded totally hopes fading. Already many have made these blunders of their lives by investing in the year 2008 in Dubai market and Ajman market and Abu Dhabi etc....its totally unforgetable pain....which we buyers have to live throughout our lives....RERA and ARRA please please please....for once and all....support the investors and buyers and not the developers........thats all I wanna say.....

Moving Sands
Posted by Vikram Sardesai, Dubai, UAE on Wednesday 29 April 2009 at 18:59 UAE time


Why would anyone with an ounce of common sense ever buy property in Dubai? Save and invest in your home countries not on moving sands.

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