Real estate industry basks in glow of new property visa ruling

Chiefs of real estate companies, property developers and realty agencies all hailed the decision to extend the property visa to three years.

Here are some of their reactions:
 “This is something beyond the market’s expectation. The decision is very forward looking and will help boost the market, not just in Dubai, but across the emirate. It will certainly have a very positive impact and help property prices recover over the time.”
Sheikh Maktoum bin Hasher Al Maktoum, President, Al Fajer Properties
The extension of property visa to three years from six month is a positive sign. The sector is now moving towards stability and maturity. Overall, it will help the industry move forward. Besides, the property visa term is more than the normal visa (two years) and this show that the officials have taken into consideration the investment made by people in property sector.
Masood Al Awar, CEO, Tasweek Real Estate Marketing and Development
The decision is a big relief to all the people who have existing units and for people who are looking to buy properties. It will provide stability to the market and allow people, who were indecisive, to speed up their decision process. But, we need to wait-and-watch till we get a clearer picture on whether the old rules have been relaxed.
- Abid Junaid, Executive Director, ETA Star
"Our real estate survey conducted late last year identified visa length as a key concern for market participants. Extending visas to three years will be very welcome news to existing owners and those looking to enter the market, and we expect it will stimulate demand"
Michael Lunjevich, Partner, Hadef & Partners
"This is great news and a milestone to reignite the property market. It has come at a good time… just before the summer and we expect it will have positive impact on the sector. I have already got calls from some investors and who have asked me to look for property here after reading the extension of property visa term."
Mohanad Alwadiya, Managing Director of Harbor Real Estate.
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