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Residence visa will help boost property market

Parag Deulgaonkar Emirates Business24-7
Residence visa will help boost property market - UAE - Dubai - Visa - Property - Buyer

Residence visas for freehold property buyers in the UAE should have a validity period of at least two to three years as against the proposed six months to ensure stability and attract new investors, said Dubai-based developers.

"The freehold residency visa should come with a longer validity period. They should offer visa with three-year validity and this will help the market," Sanjeet Joher, Group Chief Operating Officer, KM Properties, told Emirates Business.

A federal law granting residency visas to owners of freehold property will be introduced within the year, Brigadier General Nasser Al Minhali, the acting director general of the federal Department of Naturalisation and Residency, was quoted in the UAE media yesterday.

"The proposal will allow owners to obtain a six-month renewable residency visa. The law will allow foreigners to gain residency rights regardless of their nationality or the size and value of the property," he said.

In January, Nasser bin Hassan Al Shaikh, Director-General of the Dubai Department of Finance, had told this paper that the issue of granting visa for property buyers is being dealt with on a federal level.

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