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3-year UAE property visas result in spurt in million-dirham units

Parag Deulgankar Emirates 247
Only investors with properties worth Dh1 million or more will be eligible for the visa. (FILE)

Only investors with properties worth Dh1 million or more will be eligible for the visa. (FILE)


The UAE announcement of an extension of real estate investor visas from six months to three years has suddenly increased the number of properties worth Dh1 million, according to a new report.



According to current regulation, only investors with properties worth Dh1 million or more will be eligible for the visa. However, there is a lack of clarity on the regulatory structure of the visa.

Kuwait Financial Centre (Markaz) says this has not stopped owners and brokers with properties in the Dh800,000-900,000 range, overnight, pushing their properties into the Dh1 million bracket.

The idea, quite clearly, is to attract buyers with the three-year visa now thrown in as well.

 “Investors with properties marginally lower than Dh1 million and are looking to sell would be able to benefit by loading up the price to Dh1 million so that the properties qualify for the extension,” the report said.

By analysing data from the propertyfinders’ website, Markaz found 81 per cent of all property listing in Dubai were at, or above, Dh1 million, while the number goes up to 86 per cent for Abu Dhabi. 


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