The UAE federal government has approved and declared the extension of visas for real estate investors from 06 months to 03yrs. This decision was taken at Cabinet meeting chaired by vice-president and prime minister of the UAE and the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum. To boost the struggling real estate market and also investor’s confidence.
“The government took a range of measures as part of its efforts to shore up economic growth within its strategic plan 2011-2013, including extension of visa for real estate investors to 3years instead of 06 months. Presently, foreign owners of property worth more than AED 1million are eligible to get a 06months visa, which should be reviewed every six months.