The Hot Debate - UAE's New Short-Term Multiple-Entry Visas
The month of May came with a good news for the slowing real estate sector of the UAE. The UAE Federal Govt. relaxed its visa policy further to help revive the country's real estate industry that has contributed to its economy greatly through the past decade. Through this positive decision, the government plans to lift up the UAE's real estate market that has slowed down during the current economic slump.
A majority of real estate professionals including property developers and agents in the industry eye the new visa regulations as a wise and timely move. But some of them still have their reservations and opine that the new policy is not as helpful for the industry as it seems.
Let's hear the not-so-happy react to the short-term multiple-entry visas as they share their opinions with Gulf News:
For Azor Shams, a Pakistani expat aged 35, the new regulation will "create movement in the market and build investor confidence." But still, he believes that "restricting the rule to those who own property to the value of more than Dh1 million will limit it to a minority of the market."
Rao from Ajman agrees. "Most of the owners of properties in Ajman are not eligible for multiple-entry visas" says Rao, "because most properties there are worth less than the specified price."
Tim Crowe, a British expat aged 35 complains about residence visa restriction. "If you buy a house and you have sufficient income, in most countries you would easily get a residency visa."
Bassam Nader, a 28-year-old Lebanese expatriate and Sharjah resident shares the same sentiment saying, "I think people who are interested in investing that much in a property would need a rule that would give them a residency visa of at least three years to convince them to buy."
