Thursday, May 14, 2009

Dubai property may not recover until 2011

The Dubai property market might not recover until late 2011 as a consequence of weak demand, according to a fresh report by Egypt-based investment bank EFG Hermes.

However, EFG Hermes does expect recent clarifications from the UAE government on home ownership to now improve investor sentiment.

Multiple-entry visas for expatriate UAE property owners, who qualify, will be issued from 1 June, officials announced earlier this month.

Overseas nationals buying property in the UAE will have to meet a set of requirements set out by the authorities. According to the ruling, the property should be worth at least £180,000, it should already have been completed, it should be wholly owned by the investor and the owner must earn a monthly income of at least £1,800 or equivalent in foreign currencies.

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