Ajman calls for property visa shake-up
12 October 2009
Ajman wants the federal UAE government to change rules for the six-month residency visa given to foreign property buyers as the emirate tries to rebuild its collapsed real estate sector, local daily Emirates Business reported on Sunday.
The Ajman Real Estate Regulatory Agency (ARRA) wants the visa to be made free of conditions such as property values, fixed income of buyers or compulsory exit from the country before renewals, according to the newspaper.
Ajman is asking the government to allow visas renewals every six months for up to three years without the need to leave the country, the paper reported.
The agency said the value of properties in Ajman is half that of other emirates and the higher minimum limit for property buyers does not fit with its real estate market requirements, the paper reported.
It also wants the government to do away with the requirement for property to buyers that they have a minimum fixed-income of 10,000 dirhams ($2,724) a month, according to the paper.
Unlike neighbouring Dubai, Ajman was a latecomer to share in the property boom that came to an end in the global economic downturn.