In a bid to restore confidence in its dented property market, property developers in Dubai are urging the government to re-consider its visa policy for foreigners.
“The market is in bad shape and needs to be rescued. Buying and selling has nearly stopped. Even although prices are coming down investors are not buying,” said Kabir Mulchandani, chairman, Dynasty Zarooni.
Although the real estate sector has allowed freehold ownership of property since 2002, it suspended the issuing of residence visas to property owners earlier this year and if this decision was reversed it could encourage more buyers, it is claimed.
The developers want a return to the commitment given in 2002 to facilitate three-year renewable residence visas to expatriate property owners, to encourage foreign investment.
“The government should stand firm on its commitment to issue visas for freehold properties, both residential and commercial. They should alleviate people's fears and apprehensions by positively reinforcing the freehold visas rule,” said Syed Mohammad Ali, chief executive of Fortune Group.
”The confusion on this issue has negatively impacted the Dubai realty sector. A constant communication regarding the visas structures should be given to the public,” Ali added.
Tarek Ramadan, chairman of Tharaa Holding, said the government needs to rescue the real estate market. “It should re-introduce the property visa,” Ramadan said.
Ramadan also called for emergency funds to stop prices plummeting, for more liquidity and flexibility in payment across the value chain to give the real estate community some breathing time.
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