Foreign Property News | Posted by Hnin Ei Khin
Dubai has set its sights on wealthy foreign investors, including the Chinese, by offering sweeteners such as long-term residence visas and retirement options, amid a slump in property prices.
Dubai, the second largest city in the United Arab Emirates, recently approved visas valid for between five and 10 years.
Visas for expat workers and professionals are usually valid for up to three years.
Likewise, the UAE announced last year that it was planning to issue five-year retirement visas to non-Emiratis aged 55 and older.
The new measures allow those who invest 5 million dirhams (US$1.36 million) in property; have a monthly income of 20,000 dirhams; or have more than 1 million dirhams in capital to secure long-term visas.
The Dubai Land Department, which promotes property investment in the city, has been stepping up efforts to lure more Chinese investors into buying property, targeting at least 1 billion dirhams in investments this year.
The Dubai government arm opened two offices in Beijing and Shanghai in the past two years, and plans to open another in Shenzhen and other mainland cities, according to a report by the Abu Dhabi-based The National newspaper.
“Chinese investors represent a growing sector of the market … with many of the major developers currently targeting this sector through sales events in China and relationships with Chinese brokers,” said Craig Plumb, head of research, Middle East and North Africa at JLL.
The measures coupled with the UAE’s zero-tax regime are being touted to attract wealthy investors into buying property in Dubai.
Ref: Property Report
