The UAE government has extended property investor visas from six months to three years in a move to bolster the real estate market.
The unavailability of long term visas has been one of the key issues restricting home sales, property executives say.
"This is welcome news, absolutely," said Richard Paul, associate director of Cluttons, the property company. "It's been something we've been waiting for ever since they reverted it to six months."
Under current federal law foreign owners of property worth more than Dh1 million are able to get a six-month visa, which has to be reviewed every six months for Dh2,000.
The goal of the new law is to "boost the attractiveness of the real estate market and provide a suitable environment for investors in this vital sector," according to a statement released on the Wam network.