Dubai considers visa plan

Overseas property owners in the United Arab Emirates (UAE) could soon be granted residency visas, it has been reported...

According to the National newspaper, a high-ranking government official has disclosed that foreign buyers would be awarded six-month permits regardless of their nationality and property size.

The Change could bring a boost to the Dubai market, which has been flagging since the global economic crisis - in contrast to the boom period of recent years.

Director of residential sales and leasing at Better Homes, the property firm, Liz O'Connor, suggested that the plans could encourage some cash buyers, but most foreign investors were looking at the long-term.

She told the National: "Due to the short-term nature of the proposed visa this does not give buyers a sense of security if they are thinking of staying, moving to or retiring in Dubai, as property for many is a long-term investment.

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