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TheMoveChannel.com | UAE Property News

Welcome to TheMoveChannel.com UAE News Homepage, where you can keep up with all the latest UAE property news, covering a range of property investment, real estate industry and personal finance news topics. If you like our news, why not sign up to one of our newsletters or RSS feeds and read it every day!

Dubai expands residency visa for property investors

The UAE has extended its residency visa scheme for foreigners investing in the national property market, with home buyers now granted three years to live in the country rather than the previous six months.

The move comes after the scheme was controversially shortened in 2009, with buyers originally able to gain five years' residency in the Emirates if they purchased a property.The tightening of visa restrictions from this initial five year period to six months is thought to have contributed to the massive downswing in demand that occurred in the UAE market, especially Dubai, in the wake of the global recession.

UAE Prime Minister Sheikh Mohamed bin Rashid al Maktoum came to the decision yesterday after meeting with his cabinet in the Presidential Palace. The state-run Emirates News Agency said the lengthening of the investor's visa was likely to "enhance the attractiveness of the real estate sector". 

Latest UAE News

Housing analysts in the UAE reported this week that the housing market there will continue to decline as the region goes on suffering from too much supply.

Overseas property agents in Abu Dhabi are getting ready for the introduction of a new real estate law designed to support developers working in investment zones such as Saadiyat Island, Reem Island and Al Raha Beach.

Abu Dhabi's bailout of the emirate's biggest holdings company Aldar Properties PJSC could spell good news for the area if the firm can focus its resources, according to a financial services specialist.

The international agency group Cluttons has accused developers based in the UAE of not trying hard enough to hand over the management of apartment blocks to their owner associations because of the financial gains involved.

The world's housing markets had a weak third quarter of 2011, according to the latest survey of worldwide house price indices prepared by the Global Property Guide. During the year to end Q3 2011, house prices fell in 25 countries (out of the 44 for which quarterly house price statistics are available) and rose in only 19.

The Abu Dahbi residential market is poised for major growth as overseas and domestic buyers gain more and more confidence from the city's new property laws and regulations says Ozone Real Estate, an international broker group based in the United Arab Emirates (UAE).

There is not date for real estate owners in the United Arab Emirates to be granted a three year residency visa if their property is worth more than AED1 million, it has been confirmed.

Property prices and rents in the United Arab Emirates may drop a further 20% this year and next because of excess supply, according to analysts.

The Abu Dhabi residential property market is still sluggish as apartment rents continue to fall and sales levels remain low, according to the latest real estate data.

Abu Dhabi Airports Company released the traffic report for Abu Dhabi international Airport for the month of August 2011, recording a robust 14% growth over last year's figures with passenger traffic reaching 1.09 million.

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