How will Dubai's potential three-year rent freeze affect the property sector? - The National:
News that the UAE government has started to issue five-year residency visas to entrepreneurs this month is music to the ears of property developers. So too the pronouncement from the International Monetary Fund that the local economy may have turned the corner and be recovering from a five-year slowdown precipitated by a sudden fall in oil prices.
Last month Abu Dhabi introduced freehold rather than leasehold-only ownership for the first time for foreign buyers, and in a new report, the Institute of International Finance has become the latest to spot the green shoots of recovery in the Gulf real estate market.
With Brent crude trading as high as $75 a barrel for the first time in many years the buzz in the business community this Ramadan is more optimistic. The two would-be residential investors cited in this column recently have actually just completed purchases in the secondary market.
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