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Visa assurance to expatriate investors in Dubai property

posted on 29/06/2002: 983 views

Dubai Naturalisation and Residency Department (DNRD) will ensure renewal of visas of expatriate investors who purchase properties in some of the premium real estate projects in Dubai on freehold ownership basis, according to a report in "Khaleej Times” " Visas will not be a problem for the expatriate property owners. We have already discussed the issue with the DNRD and have decided that the property owners will have their visas renewed every three years, "the paper quoted Mohammed Ali Alabbar, Chairman of EMAAR Properties as saying.

Speaking to the media after announcing the launch of the sales of Phase One and Phase Two of EMAAR's PA-2 Project, a premium housing project coming up near its Emirates Hills, Alabbar said: "Although a majority of housing units are bought by the UAE and GCC nationals, the non-GCC expatriate property owners will get their visas renewed every three years.”

The new initiatives by EMAAR Properties are set to revolutionise the region's property market and increase home ownership among both Arab and non-Arab expatriates living in Dubai. The restriction on property ownership and uncertainty regarding the residence visa have been the major issues that have been holding back the high net worth expatriate investors from buying property in Dubai. The recent announcement of free-hold ownership for nationals as well as expatriates combined with the hassle-free renewal of residence visas is expected to give a big boost to Dubai's property market, which is already on a boom path.

The developments during the last one-month have played a major role in the prospect of expatriates owning homes in Dubai. The first major boost came in late May this year when EMAAR announced freehold ownership for all in all its existing and upcoming residential properties such as Emirates Hills, Dubai Marina and Arabian Ranches. The second major announcement came in the form of a 25-year mortgage finance facility against the properties acquired in the Palm Island project in association with the National Bank of Dubai. Property analysts and investors think that the visa issue is the most important factor that is going to affect the expatriates' property investment decision. (The Emirates News Agency, WAM)


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