Foreign property owners in the UAE have their property visa costs cut by nearly half.
This is for a six month visa – which until August 1 was priced at AED2000, has now been reduced to just AED1100. The terms and conditions to obtain a visa will not be changed. These include owning a property that is valued at over AED1m, and the owner able to show an income of over AED10, 000 per month.
“The move will have a positive impact on the market and the economy. The 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,” Said A property owner, who owns a four-bedroom villa in Arabian Ranches.
According to the report, more than 140 different nationalities accounted for property transactions in Dubai worth AED113bn during the first six months of 2014.