Dubai developer Emaar Properties will offer buyers in six residential projects the UAE’s newly announced 10-year investor visas, Bloomberg quoted local daily Al Bayan newspaper as reporting.
Projects covered in the plan include those under development in Emaar’s mega Dubai Creek Harbour development and Downtown Dubai.
The developer will also pay half of the 4 per cent property registration fee and offer a three-year payment plan that begins after handover, Al Bayan reported, citing sources.
The UAE has revealed several measures to improve business conditions in the country and boost foreign investment in the last year.
In May, the country announced that it would introduce a 10-year visa for investors, innovators and talented specialists in the medical, scientific, research and technical fields.
The UAE also said it would approve a new investment law allowing 100 per cent foreign ownership of companies by year-end.
The visa incentive, offered to buyers and their families, is expected to boost Dubai’s and Abu Dhabi’s property markets, which have been hit by falling rents and sales prices over the last two years.
S&P indicated in a February report that Dubai property prices and rents were likely to continue their downward shift for the foreseeable future.
“We believe this correction will continue at least for this year and next, before prices stabilise in 2020 at the earliest,” the firm indicated.