Emirates City Forum

Ajman's real estate watchdog has submitted a proposal to federal authorities to overhaul current property visa regulations, it was reported on Sunday.

The Ajman Real Estate Regulatory Agency (Arra) wants to remove property values, fixed incomes or compulsory exits as criteria for granting or renewing six-month residency visas, Emirates Business reported.

Arra, in a five-point submission, said it should be possible to renew visas every six months for up to three years without the need to leave the country, the paper added.
On minimum property values, Arra's submission said: “The value of property in the Northern Emirates does not exceed half of the value of property in other emirates, and this will lead to only serving a certain investor.”

And on the requirement for a fixed income of not less than AED10,000, the agency added: “This might cause various problems and will open the door for companies operating outside the country to give salary certificates with no reliable references. From our experience in the real estate market, most investors are businessmen with no fixed income.”

In May, Arra and Dubai’s Real Estate Regulatory Agency signed an agreement to create a unified strategy to develop the property sector.