Overseas Property investors are once again being courted by the United Arab Emirates with the extension of the residency visa scheme currently at six months to a term of three years for those foreigners buying property in the Emirates.
The Dubai property market is currently undergoing a massive slump compared to the heady pre-recession days of high levels of construction and a never ending supply of investors so this decision by the UAE Prime Minister to extend the residency for overseas property buyers is a welcome boost to the residential real estate sector and agents expect to see an increase in demand which will help to alleviate the massive supply stock.
Until two years ago foreign buyers were granted five years residency throughout the Emirates if they bought a property but in 2009 this was slashed to just six months and this decision by officials has said to have a detrimental effect on transactions throughout the Dubai property markets.
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