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Expatriates say fundamentals remain sound

Lower mortgage rates, the reintroduction of a residence visa policy on completed projects, 100 per cent ownership of businesses and a public announcement of shelved projects will serve to restore investor confidence, expatriate property consultants and investors in the UAE said.

  • By Sunita Menon, Staff Reporter
  • Published: 23:15 November 19, 2008
  • Gulf News

Dubai: Lower mortgage rates, the reintroduction of a residence visa policy on completed projects, 100 per cent ownership of businesses and a public announcement of shelved projects will serve to restore investor confidence, expatriate property consultants and investors in the UAE said.

Despite the global gloom and doom, foreign investors remain largely upbeat about the the fundamentals of the Dubai real estate market.

Julie Zaman, a senior property consultant, said: "To regain investor confidence, we should reconsider bringing back the residence visa policy on completed properties. The reason for this is that foreign investors need security when investing in a property in Dubai. However, certain policies should be applied to protect the country's sentiments."

Tourism key

Tourism, she said, had been a highly successful factor in promoting Dubai's lifestyle, a standard of living that attracts people from around the world.

"And there have been many who have come on visits and made this their home and invested in properties here," she said.

"With this in mind, the visitor visa application process should be simplified and the fees reduced. It makes it difficult for a family to come and see the tallest tower and the biggest mall in the world when they have to pay such heavy visitor's visa charges."

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