Dubai: won't recover until 2011?

The Dubai property market might not recover until late 2011 as a consequence of weak demand, according to a fresh report by Egypt-based investment bank EFG Hermes...

However, EFG Hermes does expect recent clarifications from the UAE Government on home ownership to now improve investor sentiment.

Multiple-entry visas for expatriate UAE property owners, who qualify, will be issued from 1st June, officials announced earlier this month.

Overseas nationals buying property in the UAE will have to meet a set of requirements set out by the authorities.

According to the ruling, the property should be worth at least £180,000, it should already have been completed, it should be wholly owned by the investor and the owner must earn a monthly income of at least £1,800 or equivalent in foreign currencies.

Source: www.homesoverseas.co.uk/news