The UAE has slashed the cost of getting a property visa by 45 per cent, a move that could see more foreign property owners spending time in the country.
The six-month visa, which was Dh2,000 prior to August 1, will now cost Dh1,100.
The conditions continue to remain the same and include property valuation to be above Dh1 million, the owner requiring an income of Dh10,000 per month, the property has to be ready, etc.
Property owners have welcomed the reduction in the cost.
“It’s certainly a feel-good factor though the cost of the visa for someone owning a Dh1 million and above property is negligible,” says Askash Goel, who owns a four-bedroom villa in Arabian Ranches.
“The move will have a positive impact on the market and the economy. They 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,” he adds.
A Rostov, a Russian, who owns a property on Palm Jumeirah, says: “My family loves Dubai and they plan to spend a few months in the emirate. We generally take a tourist visa and extend it for a month. Since the cost of the visa has come down, we would be applying for the property visa.”
Though no official numbers are available as to how many property visas have been issued by the immigration departments across the emirate, industry sources say property visa is popular mostly among Russians, Iranians and Pakistanis.
“These nationalities mostly tend to apply for property visa for their families,” industry sources said.
Over Dh37 billion were pumped into Dubai’s property market by more than 140 nationalities with total transaction crossing Dh113 billion in the first six months 2014.