United Arab Emirates Property News

UAE cuts cost of property visa by 45%

Foreign property owners are set for lengthy stays in the UAE, after their property visa costs were cut by nearly half, Emirates 24/7 reported.

The paper said that a six month visa – which until August 1 was priced at AED2000, will now be sold for just AED1100. The paper added that the terms of 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,” Askash Goel, who owns a four-bedroom villa in Arabian Ranches, told Emirates 24/7.

According to the report, more than 140 different nationalities accounted for property transactions in Dubai worth AED113bn during the first six months of 2014.