Business | Property
Rera advises Dubai property investors: Don't get duped by ads
Some developers are misleading people with advertisements with promises of life-long residency if they buy their properties, Marwan Bin Galita, chief executive of Dubai Real Estate Regulatory Agency said.
- By Bassma Al Jandaly, Staff Reporter
- Published: 23:32 June 23, 2008
Dubai: Some developers are misleading people with advertisements with promises of life-long residency if they buy their properties, Marwan Bin Galita, chief executive of Dubai Real Estate Regulatory Agency said.
"There is nothing called a life-long residency visa here and issuing residency visas is in the hand of the residency department only," he said.
Bin Galita added that the real estate authority will soon will issue law which will punish the real estate companies who publish such misleading advertisements.
He said promoting the sale of apartments by promising a residence visa in return is "against the law" and advised investors not to be tricked by such advertisements.
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