No date yet being given for new three year property visa in the uae

There is not date for real estate owners in the United Arab Emirates to be granted a three year residency visa if their property is worth more than AED1 million, it has been confirmed.

‘We hope it will be soon,’ said a spokesman for the Dubai Land Department who declined to be more specific.

The lack of a date comes amid rumours that the plan could even be scrapped after it was reported that the idea had met with a lukewarm response and was judged to be a kind of desperate measure to prop up the UAE’s struggling property market.

The UAE government said in June it would replace visas that require renewal every six months for some home owners, but the decision appears to have made little progress in the months since.

Source: ExpatForum.com