UAE \'Property visa\' confusion clarified

Until now, there have been flying rumors, news and various media reports suggesting different facts regarding the recent ruling on the property visa. Not only were there confusions regarding the duration of the granted visa through property ownership but other prerequisites to the visa were vaguely explained. Confirmation through various official sources in press releases sent today confirmed that a property must have a value of AED 1 million or above to qualify for a 3 year residency visa. If the property is worth AED 1 million or more, only then can the owner sponsor his/her family to stay in the UAE for three consecutive years. “A number of proposals were discussed at the meeting with ministry officials and one of the proposals was to restrict stay of the property owner to nine or 10 months in a year. However, the final regulation is yet to be drafted,” stated an official source today. This ruling came by the Federal Government of the United Arab Emirates on the 28th of June to extend the allotted visa duration on property ownership from 6 months to 3 years. Since the announcement of this rule, there has been a flow of positivity throughout the real estate market in the UAE, including owners, tenants and property companies. Analysts believe that this ruling will create a butterfly effect of positive changes that are needed in the property market. The new ruling is said to bring about an encouraging factor for potential buyers to invest in the country.