The property-driven economic crunch in Dubai demanded some realistic remedial solutions by the government. Instead of sanely resolving the issues and presenting a resolution to boost investor confidence, authorities still act as if they believe there is no crisis in Dubai.
When the free-hold property scheme started few years back, developers and builders promised residency visas of upto 25 years for investors and their families. This resulted in hundereds of thousands of investors flocking to Dubai, resulting in billions of Dirhams of investment in property and real estate sector. However, soon it was realized that this “promise” is not backed by the government and adding this with recent global crunch, investors started to retract their funds while develoeprs started to delay or default on their projects.
In the wake of this crisis, the government has announced a six month residency visa for free-hold property holders, and believes that it will increase investor confidence.
Gulf News reports, the federal law will allow all owners to obtain a renewable six month residency visa. (means paying hefty amount of renewal fees every six months)
If you are an investore, will this law of six month residency visa make you invest in Dubai properties? Please share.