Published: 9th September 2013
The Dubai property market looks set for a timely boost in the coming months, as new legislation recently announced by the government allows for lengthening of visas for people looking to buy property in Dubai. The new plans, recently announced by the federal government looks set to extend the visa period from six months to three years, as part of a drive to increased demand in the Emirates property market.
Citigroup analyst Farouk Soussa said this decision could lift demand in ailing Dubai. “This could significantly boost demand in the residential real estate sector, particularly in Dubai,” he said. “The overall impact on the property market is likely to be somewhat muted by oversupply issues that are being exacerbated by the ongoing completion of new properties.”
The UAE had previously chosen to reduce the visa period in 2009, from five years to the current limit of six months. Many people believe this was a crucial factor in the large fall in demand for property in Dubai over the past two years, so it is likely that the new extension is likely to prove popular with people in the real estate market.
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