UAE Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum chaired a meeting of the UAE Cabinet at the Presidential Palace in Abu Dhabi today.
Seeking to underpin economic growth within its strategic plan 2011-2013, the cabinet took a number of decisions, including extension of visa for real estate investors to three years instead of six months, according to official sources.
The meeting was held with the attendance of Deputy Prime Minister and Minister of Interior Lt. General Sheikh Saif bin Zayed Al Nahyan and Deputy Prime Minister and Minister for Presidential Affairs Sheikh Mansour bin Zayed Al Nahyan.
Such decision, when implemented, it is expected to initiate an uptrend in UAE property market. Combined with the current deflated real estate valuations and regulated number of new units released to the market, the updated regulation is expected to attract a fresh wave of foreign investors. Furthermore, valuations of the blue-chip publicly listed companies are expected to improve in coming moths, which right now positions them as good buying opportunities.