A 45 per cent reduction in the visa fee has made it cheaper for applicants to obtain a property visa in the UAE. Costing Dh 2000 until August 1, 2014, the visa will not cost Dh 1100 for all foreign property owners. Obtaining this visa, which is valid for a period of six months, has become cheaper and easier.
Other conditions and requirements related to the visa remain the same. The applicant is required to buy a property of value of at least Dh 1 million. The property must be ready for immediate possession. Further, the applicant i.e. the purchase of the property must have a minimum monthly income of Dh 10,000.
This move has been widely welcomed by property owners from different nations. One visa holder opined that the move was a feel-good decision despite the fact that the cost of the visa is not a significant expense for somebody who can afford a property worth Dh 1 million or more.
Another property owner pointed out that applying for the property visa has become a much better option than applying for a tourist visa and extending it for an additional month. The reduction in the visa fee will make it easier for property owners and their families to spend time in the UAE.
The reduced cost of visa will be an added attraction for foreigners seeking short-term residence in the UAE through purchase of a property. Industry sources say that this visa is very popular amongst Russians, Iranians, and Pakistanis. Such foreigners tend to include their families when applying for the visa. This short-term visa is popular, although there are no official estimates regarding the total number of property visas that have been issued across the Emirates.
Such a move is likely to have a positive impact on the property market that saw inflow of Dh 37 billion from citizens of more than 140 different nations and witnessed transactions in excess of Dh 113 billion in the first half of 2014.