The Qatar government's recent move to issue residency visas to foreign property owners for up to five years is adding a new element to the regional competition for buyers.
A report released yesterday by Jones Lang LaSalle, the property consultancy, said Qatar's policy will "increase the competitiveness of Doha," and said it put the issue into focus for the UAE porety market.
Investors and second home buyers in the UAE routinely list visa policy as a key issue when considering a purchase, property executives say. In a survey last year of 500 buyers, lawyers and brokers in the UAE by the law firm Hadef and Partners, 88 per cent listed "more flexible visa options for owners-investors" as one of the issues that could boost recovery in the property sector.
During the height of the property boom some developers were promising a visa to buyers, but the UAE government put an end to that practice in 2009 with a new law that established procedures for property buyers to obtain temporary residency visas.
The law contains a variety of requirements. The value of the property must be at least Dh1 million, the owner must have at Dh10,000 in monthly income and the visa must be renewed every six months at a cost of Dh2,000.
The six-month restriction is the element often cited as a negative by potential property buyers, industry experts say.
"Property is a long term investment," said Michael Lunjevich, a partner in Hadef and Partners. "The buzzword among property investors is longer property visas."
Qatar's law offering residency visas to property buyers has been on the books since 2006, but the first visas weren't issued until last month. Only two visas have been issued--to expatriates from Egypt and Pakistan--but more are expected.
The government has reportedly received about 70 applications from non-Qataris.
"It's exactly what we needed," said Sam Youssef, managing director of Better Homes in Qatar. "It's going to open up the real estate market, big time."
If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
Saturday, September 30
Qualifying: 1pm - 2pm
Sunday, October 1
Race: 11am - 1pm
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The 12 Syrian entities delisted by UK
Ministry of Interior
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General Intelligence Directorate
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Political Security Directorate
Syrian National Security Bureau
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Al Watan newspaper
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.