There is no denying that the Dubai government certainly got things right when they decided to open up the property market here in 2002, allowing foreigners to purchase freehold property in new development areas. Previously foreigners were unable to do so, so 2002 was the start of what has now turned into one of the most well know and admired property markets in the world. Not only has Dubai become a must see holiday destination but with all the great freehold real estate on offer plus a great living environment, it has become a popular place for people all over the globe to live. And it is all this foreign investment that as resulted in likes of the Burj Dubai and the Palm Jumeirah being built, and has allowed Dubai to truly prosper. So it was a little bit of a surprise when the Dubai government decided it was to change the regulations surrounding foreign visas and property purchases.

Previously developers were able to issue visas to foreign investors who purchased a residential or commercial freehold property in Dubai.  It was this 3 year renewable visa issued to expatriate investors that really helped attract people from a round the globe to buy property in Dubai and helped make Dubai property a huge success. Despite this the Dubai government decided earlier this year to take away this privilege from Dubai developers. However since then things in the Dubai property market have changed quickly. The last few months have seen Dubai property go through its first downturn, something which was once considered unthinkable. But the reality of the situation is that now the Dubai property market is in a bad way, with very little selling. With the situation as it is, Dubai developers are now calling for a change in the law back to what it was in 2002.

Whilst just this won’t be enough to turn around the fortunes of the Dubai property market, anything that can help promote investment in Dubai real estate at the moment should be encouraged. The Dubai government is currently looking at a number of ways to help get things here back on track, and reinstating the property visa would certainly be a good place to start.

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