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Dubai studies new property visa
Monday, Jun 06, 2011
Dubai: Dubai is studying the enforcement of a new residence visa system for property owners, sources from the government confirmed yesterday.
The government official, who spoke on condition of anonymity, said that authorities in Dubai are discussing ways of granting owners of properties in the emirate, residence visas based on transparent rules and legislation.
?The rules are expected to be issued soon,? the source said.
Al Bayan Arabic daily reported yesterday that Dubai would issue a law granting specific categories of property owners to have residence in Dubai.
Realtors are optimistic about the implications of this proposal for their industry but are wary about the costs involved.
?Residence related to property was a main catalyst for buying and selling in the real estate sector especially since the boom. We think this [law] will restore some activity in the market but not like the previous levels in real estate,? said Tariq Ramadan, Chairman of Tharaa HoldingTharaa HoldingLoading….
However, the costs associated with setting up a company to register the property under it could reach up to Dh40,000 a year and this may deter some buyers, Ramadan noted.
?It will be a disadvantage because the maintenance fees and ownership fees are high and then add company ownership fees at Dh20,000 to Dh40,000 annually, then this would be helpful only for those who want residence. But it is expensive,? he said.
The law would be an incentive for foreigners coming to the UAE for visas and would additionally ?spruce up? Dubai?s real estate market, said Nima Khanpour, Commercial Director of Stratum Owners Association Management.