UAE cuts cost of property visa by 45%

August 27, 2014 12:26 am

The UAE has reduced the cost of getting a property visa by 45%, a move that could see more foreign property owners spending time in the country. The six-month visa, which was Dh2,000 prior to August 1, will now cost Dh1,100, Emirates 24|7 reporetd. The conditions continue to remain the same and include property valuation to be above Dh1 million, the owner requiring an income of Dh10,000 per month, the property has to be ready, etc. Property owners have welcomed the reduction in the cost. “It’s certainly a feel-good factor though the cost of the visa for someone owning a Dh1 million and above property is negligible,” says Askash Goel, who owns a four-bedroom villa in Arabian Ranches. “The move will have a positive impact on the market and the economy. They cost of visa will probably lead to more foreign buyers applying for the property visa for their family as well, leading to more spending by these short-term residents,” he adds.