Tuesday, 22 May 2018

Longer Visas Could Prop Up Sickly U.A.E. Property Markets - Bloomberg

Longer Visas Could Prop Up Sickly U.A.E. Property Markets - Bloomberg:

"As homebuilders in Dubai and Abu Dhabi think up extravagant incentives to shake the property market out of its long slumber, the government will offer potential buyers something the companies can’t: the right to stick around. A decision to extend visas to 10 years for some professionals is seen as a boon for a foreigner-dependent United Arab Emirates property industry that’s been in the doldrums longer than anyone had expected. “The landmark visa changes are undoubtedly going to go some way in helping to stimulate demand for both residential and commercial property,” said Faisal Durrani, global head of research at property broker Cluttons. “The property markets across the U.A.E. have been dogged by challenges ever since oil prices collapsed nearly four years ago, ranging from the threat of oversupply, to the lack of affordable housing.”"



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