When it comes to Dubai's property market, there's more than "a hole in the bucket" that can be plugged, no, the entire bottom of the bucket seems to have dropped out. Property sales have dropped and rents are also dropping. We've looked at villas that were rented for AED300,000 in December last year but landlords are now asking AED170,000 - AED190,000.
There may be further changes to the visas offered to expatriate home owners in the UAE, according to Dubai’s finance chief in remarks made at the World Economic Forum in Jordan on Sunday.
Nasser Al Sheikh, the director general of Dubai’s Department of Finance, admitted to delegates that visa laws were an issue for the federal government.
But Dubai was discussing further changes, following a sharp downturn in the emirate’s real estate market, he said.
“We have certain ideas about visa laws that have been passed on to the federal government,” Al Sheikh told the conference.
A shake-up of the visa system for property owners in Dubai is already underway, under a new ruling made by Sheikh Mohammed, Ruler of Dubai and Vice President of the UAE, earlier this month.
Starting on June 1, Dubai will issue six month, multiple entry visas for expat property owners.
Under the new visa regualtions the property should be worth at least AED1m and the owner must earn at least AED10,000 per month, or the foreign currency equivalent.
However, the visa does not give the property owner the right to work inside the country.