Dubai recovery 'on the agenda'

13/05/2009 - Dubai Investment News
Dubai recovery 'on the agenda'

A recovery of the Dubai property market could have taken place by the end of next year, new research suggests.

The latest research from EFG Hermes bank suggests that recovery is increasingly on the agenda.

A change to federal law this month stated that foreign homeowners with properties worth more than one million dirhams (£179,500) will be eligible for renewable residency visas every six months.

This move has been seen by some as one that could help to further encourage sales of property in Dubai.

Clarifications from the government on home ownership rules may help to improve investor sentiment, EFG Hermes reportedly believed.

Besides ensuring eligibility for the residency visas, the Dubai government has also stated that it is to allow individuals to bring their families with them to the emirate, as part of a drive to boost family stability, Arabian Business reported at the time of the announced law change.ADNFCR-2019-ID-19168307-ADNFCR