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Short-term visas for realty buyers in Dubai
Dubai is to introduce a set of short-term visas for foreign investors in the real estate sector, a top official said.
- By Bassma Al Jandaly, Staff Reporter
- Published: 23:33 June 23, 2008
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No automatic visa for property buyers
No automatic residency for property buyers in Dubai, says official
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Rera advises Dubai property investors: Don't get duped by ads
Rera advises Dubai property investors: Don't get duped by ads
Dubai: Dubai is to introduce a set of short-term visas for foreign investors in the real estate sector, a top official said.
"We have submitted the proposals to this effect to the higher government authority in Dubai to review the visas for property buyers. Once this law is approved, this might be implemented at a federal level as well," Marwan Bin Galita, chief executive of Dubai Real Estate Regulatory Agency (Rera) told Gulf News yesterday.
"There is no direct link between property ownership and residence visas. Developers should not lure investors to property sector with a promise of residence visa."
His comments reverse the government's earlier stand.
Dubai government opened the emirate's property sector to foreign investors in designated freehold areas in 2002, and in the absence of a proper real estate law then, the three master developers - Emaar, Nakheel and Dubai Properties - had promised to facilitate a three-year renewable residence visas to owners of freehold properties under a special arrangement with the residency department.
More than 20,000 families have moved into their freehold homes during the last six years, many on residence visas linked to their homes.
Limelight
The issue of the residence visas linked to freehold property came to light following the recent Gulf News report in which a senior government official said foreign buyers are entitled to residence visas if they purchase property.
Thousands of foreigners have invested in new property currently in various phases of development in the hope that they will get residence visas automatically, as advertised by developers, which Ghalita termed erroneous.
"We are raising the issue now because there is confusion among the public in this regard. We are urging people not to link the obtaining of a residency visa with buying property," he said. Bin Galita said the issue of visas is related to the "development company" and not the "property people buy".
He said obtaining residence visas in Dubai is not so hard. One can open a company or invest or be a partner in the company. People should not rely on the property or the investment company.
"We are a different body from the residency department. Even if the investment company applies for a residence visa for a buyer, the residency department could reject it.
"It is not a must that those who buy a property can get a residence visa," he said.
"If a development company goes bankrupt, what happens to the residents sponsored by that particular company? We are also examining."
Do you think this announcement will clarify the laws regarding the real estate sector? Will this deter you from investing in such properties? Tell us at letter2editor@gulfnews.com or fill in the form bellow to send your comments.
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