Residence visa

[psychiatrist]

I have read something about federal restrictions on residence visas ,even for investors who have bought property already.
There was a recent article in the Gulf News and i think that this will eventually lead to a lack of confiddence in the system.
From the report it was just some official talking but it is really unclear. I am concerned that since that an about turn can be made on this issue an about turn can be made on the free hold status, and it would appear that they can just abruptly change laws at will.
With lack of confidence people will start to sell and prices will depreciate. this is really bothering me and i just wanted to see what everyone else feels

[General Trading]

residence visa's were NEVER guaranteed by law - developers that advertised residence visa's did so with no official say so - the federal government hands out visa's, not property companies.

i dont think this 'news' will make a blind bit of difference

[Gashead]

Has anyone ever got or know someone who has got a visa through owning a property in Dubai?

[loai]

yes i do... but they stopped it... however their are rumors that they might bring it back

[financier888]

Originally Posted by loai

yes i do... but they stopped it... however their are rumors that they might bring it back

It will come back in an amended form. The loopholes will be filled and a more equitable system will come into place. (possibly federal) Believe it or not, the system was being abused which triggered the moritorium. It most certainly will be reintroduced

[Fran]

FNC recommends to reduce the dependence on the foreign labour
December 30, 2008

http://www.dubaichronicle.com/?p=3068


* Introduction of quota for non-Arab Labour
* Implementation of Federal Law for property ownership
* Changes in regulations and fees for family and domestic help sponsorship


Making its recommendations on the property ownership, the FNC said that a federal law should be introduced without delay to regulate this sector.

[Roshan]

Originally Posted by Fran

FNC recommends to reduce the dependence on the foreign labour
December 30, 2008

FNC recommends to reduce the dependence on the foreign labour : Dubai Chronicle


* Introduction of quota for non-Arab Labour
* Implementation of Federal Law for property ownership
* Changes in regulations and fees for family and domestic help sponsorship


Making its recommendations on the property ownership, the FNC said that a federal law should be introduced without delay to regulate this sector.

They will not be able to do without foreign labor. I have been around in this place for a long time and have seen these rules cropping up and then disappearing.

The quota rules were talked about before and they decided that they had enough of Indians / Pakistani's in the country but you still see more of them coming in.

Roshan

[georgihh]

Originally Posted by Fran

FNC recommends to reduce the dependence on the foreign labour
December 30, 2008

FNC recommends to reduce the dependence on the foreign labour : Dubai Chronicle


* Introduction of quota for non-Arab Labour
* Implementation of Federal Law for property ownership
* Changes in regulations and fees for family and domestic help sponsorship


Making its recommendations on the property ownership, the FNC said that a federal law should be introduced without delay to regulate this sector.

Sounds very optimistic
No labour - no construction (or very expensive) – demands overcome the supply – price goes up
Implementation of Federal Law for property ownership – more people will buy to get the visa – price goes up
Changes in regulations and fees for family and domestic help sponsorship – people get more money and they can afford properties – price goes up

With few words less labour and rich middle class – price goes up
Well done

[Fran]

In my opinion, the locals are blaming big portion of UAE's economic downturn on the expats and the too open to foreign investments markets, apart from the wrong influence on culture etc....

As the foreign money withdrawal since August 08 caused over 70% losses in the stock and financial markets, along with the real estate, naturally the authorities will aim to restrict the exposure to such risk in future.

For example, the developer Sorouh and First Gulf Bank reduced the limit on the foreign ownership by 50%.

From another point of view, many major Government-backed projects are already scaled back: Nakheel Tower, Maydan, Palm Deira etc... (see: Value of construction contracts fell by 85 percent in the fourth quarter of 2008 : Dubai Chronicle. Many other projects are delayed, as Jumairah Gardens, The Atrium +++
This will restrict significantly the future supply.

So, more than half of the population involved in construction, real estate, marketing and advertisement is not needed any longer as from now on business will go slow, but steady, like in the rest of the world...
If many people are already leaving, expect even more in the coming few months and particularly after the school ends and during the summer.

Eventually by October or November 2009 we will be able to see clearer picture, estimate the losses and plan for the future.