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21 May 2024

No news on property visa holding back investors

By Parag Deulgaonkar

Lack of clarity on the three-year UAE real estate investor visa is not encouraging investor influx and the market is still to feel the full impact of the decision, believe property experts.

“The full impact of the investor visa is still to be felt and with some uncertainty remaining over the actual physical award of visas to home owners and a lack of clarity to specific conditions relating to the inclusion of family members,” Matthew Green. Head of Research & Consultancy, UAE, CB Richard Ellis, told Emirates 24|7.

Craig Plumb, Head of Research Mena, Jones Lang LaSalle (JLL) says there was increased interest when this announcement was made back in June, but the fact that no details have subsequently been released has proven to be a negative.

“We have seen no visas issued under this new regulation yet – so it's not really helping the market.”

Murray Strang of Cluttons adds the three year visas for any property purchased above Dh1 million has not encouraged the influx of buyers we had expected, but has brought more confidence to market.

“We welcome any movement by the government to stimulate the property sector.”

In June, the UAE federal government has extended visa for real estate investors from six months to three years. This website had reported then that a number of services - such as applying for a local driving licence, personal loans and getting admission to schools – will likely be opened to holders of these visas. So far, no details of the new visa have been issued yet.

A Department of Naturalization and Residency Dubai call centre employee told this website that they had not received any update on the new visa and were still issuing six-month visa to property investors.