As reported by the Al Arabiya News Channel, the United Arab Emirates Minister of the Interior has issued a decree granting expatriate property owners multiple-entry visitor visas allowing them to stay six months at a time. Previously, the UAE had allowed foreign investment in property, but the residency rights of foreigners who purchased residential property were unclear.

Details of the decree include:

• Owners of developed properties (wholly-owned residential units, suitable for accommodating a family) can stay for six months from the date of entry into the UAE.
• The visa does not allow the property owner to work in the UAE.
• Upon expiration of the six month period, the property owner must return to his or her home country or any of the GCC countries.
• The initial six month visa may be renewed if certain conditions (minimum monthly income and property value) are met.
• The property must be worth at least AED 1 million ($272,300), and the owner’s fixed income must be at least AED 10,000 ($2,723) a month, or the equivalent in foreign currency.

Property analysts commented that the new policy still required clarification before it would have the intended effect of reviving the UAE’s real estate market. For example, it is unclear whether the decree applies to leasehold as well as freehold properties.