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Dubai 'not' to be affected by visa change

Jude Buttle

Dubai's residential real estate market will not be harmed by changes to visa requirements, it has been stated.

The Khaleej Times reports that many developers have stopped issuing residency visas to overseas investors following new instructions from the Dubai Naturalisation and Residency Department (DRND).

However, the head of research in the Middle East for Standard Chartered Bank, Marios Maratheftis told the paper that he believes this will not put international investors off the market in Dubai.

Mr. Maratheftis stated to the publication in an email: "My understanding is that home buyers (correct me if I am wrong) will still be eligible to get residency visas and the developers will help in the process but this is no longer guaranteed."

Earlier this week DNRD Major-General Mohammed Ahmed Al Marri explained to the same newspaper that the new rules will iron out any inconsistencies and bring Dubai into line with other markets, something he suggested was in the interests of all parties concerned.