By Staff writer
Six month visa to be priced at AED1100.
Foreign property owners are set for lengthy stays in the UAE, after their property visa costs were cut by nearly half, Emirates 24/7 reported.
The paper said that a six month visa – which until August 1 was priced at AED2000, will now be sold for just AED1100. The paper added that the terms of conditions to obtain a visa will not be changed. These include owning a property that is valued at over AED1m, and the owner able to show an income of over AED10, 000 per month.
“The move will have a positive impact on the market and the economy. The cost of visa will probably lead to more foreign buyers applying for the property visa for their family as well, leading to more spending by these short-term residents,” Askash Goel, who owns a four-bedroom villa in Arabian Ranches, told Emirates 24/7.
According to the report, more than 140 different nationalities accounted for property transactions in Dubai worth AED113bn during the first six months of 2014.
I think we should give investors options: 6 month, 2 year, and 5 year visas. (And 10 years visas for 3 million and higher investors)This will give foreign investors more peace of mind and motivation for further investment.
This may not be relevant to the subject, but I thought buying property over AED 1 m in Dubai, will entitle one to get a 2 year visa
Don't know what sense this change is going to make. Someone who has invested his hard earned money being told - "thank you for your money, but you can stay in your property for only 1 year?!!" If someone buys a property, he is either going to stay in it and spend money locally or use it as a investment, lease it out whereby someone else is staying and spending. Or the buyer himself will come in occasionally and spend some money for the economy. However putting such road blocks is very politely telling people, we don't need you. Encourage people to come - increase the investment amount but give them 2 / 3 years renewal visa. But high fees will only encourage "different" kind of money - fro people who couldn't care less if it was 2000 or 1100.
To be fair Dubai should grant investors who have bought property over AED 1m, residency visa as long as they own the property. Let there be a fee of AED 2000 or whatever if needed with a 5 or 10 year renewal period. What is this 6 month thingy anyway.
AHMED YOU ARE RIGHT INVESTOR NEEDS MORE PEACE OF MIND AND THEIR SECURITY. DEFINITELY 1000% INVESTOR JUMP IN DUBAI MARKET AND AS YOU SAY 10 YEARS VISA.
Dubai is forgetting who made Dubai the great city it is today ;
the first investors.
I own a 900K property and live in it , but I work outside UAE.
So , I can buy a 900K appartment , but cannot buy a 5000 aed car to park in my own parking spot.
I`m a tourist in my own house.
I think the visa is valid for 3 years but the investor cant stay beyond 6 months at 1 go. at least this is what was written on another website.
Its also not clear how much would it cost for the family visa in such cases-Definitely they would be charging for each individual.