No visa guarantee for investors - report

by Daliah Merzaban Tuesday, 26 August 2008

Some master developers in Dubai have removed a clause from contracts with investors that guarantees them residency visas if they buy a property, it was claimed on Tuesday.

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Emaar Properties has sent notices to sub-developers to hold off on processing residency visas until further notice, UAE daily Emirates Business reported, quoting an unnamed developer.
"There was a clause in our previous contracts that assured us that master developers will guarantee residence visa. The clause has now been removed," the developer said.

Foreigners could be less likely to buy properties in Dubai if they are not automatically entitled to long-term residency rights, ING said in June.

Expatriates from neighbouring countries facing political instability, such as Pakistan, Lebanon and Iran, have been lured to Dubai largely on the assumption that owning a property would entitle them to long-term visas, ING had said.

Dubai, the commercial hub of the Arab world, has witnessed a property boom since the government allowed foreigners to invest in properties in 2002.

Emirates Business quoted Union Properties as saying it does not assure property buyers residency visas. It said the Department of Naturalisation and Residency is responsible for granting visas.

Dubai Properties Group Chief Executive Mohamed Binbrek is quoted by the paper as saying it has "never assured any visa and was just acting as a facilitator". (Reuters)



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