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New visa law 'soon' for Dubai property buyers
by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 29 April 2009
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Results 1 to 10 of 10
Posted on Saturday, 6 June 2009
Trick
Posted by Ramin 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.
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Posted on Wednesday, 29 April 2009
Consistency Required
Posted by Hans 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.
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Who will come to rescue buyers and investors ....defaulters bleeding wounded totally hopes fading
Posted by Ramesh 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.....
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Moving Sands
Posted by Vikram Sardesai 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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Inheritance law
Posted by Ash at 14:02 UAE time
Before it was possible to register our will in Dubai courts and make sure that our property goes to our ligitimate heirs. But when I tried to do this recently I was informed that the courts have stopped this procedure (without giving any reason!). Why the laws and systems are always changing?
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Amazing
Posted by Someone at 13:45 UAE time
I have never owned any property in UAE, and I will never also plan to do it. But in brief, why we are saying buying properties or investing in properties? we should tell renting the property as long as you are alive. In addition, there are no even clear rules with respect to the property owner residence in the country. I am wondering how can real estate developers sell all these flats in Dubai?
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Residence
Posted by Chris at 13:42 UAE time
The advertisements used to say "Residence with purchase". We now know that it was absurd to think that the offers specified would eventuate. However in fairness to the real estate companies and developers, some did get residency and it was nearly three years before the Ruler said we are not giving it with purchase. Remember and never forget that it was Sheik Zayed who said that "No foreigner will ever own one grain of sand in the UAE" We cannot be too disappointed after spending our hard earned Dirhams here that changes are inevitable. Now we see that realism is returning when the market has collapsed, as the trust is not there for property purchasers. The main shareholders (guess who) in the major developers have a vested interest in keeping the property market afloat. Some limited residency is inevitable. Watch out for a new scheme to support the toxic loans on mortgages to hide the real extent of the collapse of the market.
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laws
Posted by paul at 11:49 UAE time
Hans - the problem with laws goes wider than this. Even if there was an inheritance law, then who is to say it won't be cancelled tomorrow? Recent property laws that seem to help developers at the expense of investors will also weaken future confidence in buyers to transact in the UAE as they might feel that the system is biased in favour of local developers.
I expect that in future many property transactions will have to be conducted through jurisdictions outside the UAE to give buyers the legal protection and confidence they would require to actually go ahead.
For example, off-plan sales in the UAE would be conducted via contracts signed elsewhere (e.g. offshore tax-haven countries with English law in the Caribbean); the escrow system would be administered in these jurisdictions and so even the UAE authorities would not be able to authorize escrow monies to be paid to developers until pre-agreed stages of development were reached.
Similarly to avoid inheritance issues, you own a UAE property via an offshore company in the Caymans or BVI. When you die, inheritance of the company from you to your children is an issue for this English law jurisdiction; there is no change in ownership in the UAE since the same offshore company still owns it.
This would go someway to restore some confidence, although any foreign owner is always going to be subject to legal changes in the UAE that could disadvantage them. So that risk element needs to be built into prices.
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Visa
Posted by Raj at 11:31 UAE time
Nice! So when people stop buying make rules very relaxed! Suddently from no visas, and then 6 month renewable, now its back to residency.
Why cant we just keep to our words in the first place instead of this complete 360; and make life easy so people can enjoy the sunrise and sunset instead of worrying abt what new unexpected turn of events are due.
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Consistency required
Posted by Hans at 09:12 UAE time
Frankly, I am appalled at the current state of the UAE. They make promises and soon thereafter (in a few years), issue new laws or Press Releases nullifying what someone else promised.
I own property with Emaar in Dubai and have been quite happy with the relatively painless treatment I got with the residence visa. However, go to next door Abu Dhabi, and I hear that there is no inheritance clauses in the leasehold contracts. In other words, if you die, your legitimate heirs cannot claim your property. They would have to go to court.
If the UAE was really united, why the diversity of laws amongst the various emirates on such a critical issue?
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