Multiple entry visit visas would be granted to expatriate property owners in the United Arab Emirates that would enable them up to stay six months at a time.

It was confirmed by the Gulf state in a decree issued on Saturday, "Home buyers had been waiting for legislation for years to clarify their residency rights in the second-largest Arab economy after many of the country's seven emirates allowed foreign investment in property in recent years."

Presently, many developers are encountering a sharp drop in real estate prices have been providing foreign property buyers' promises of residency visas if they bought properties.

UAE Minister of Interior Affairs, Sheikh Saif bin Zayed al-Nahayan said in a decree, "Owners of built-up properties can stay for six months from the date of entry into the country."

The statement added, "On the expiry of this period, the owner pledges to depart for his homeland or any of the GCC countries. He will only be allowed to enter the country again after meeting the required conditions."

A requirement that the residential unit should be wholly owned and built, worth a minimum of 1 million dirhams ($272,300), and fit for the accommodation of a family; are included in the conditions.

The decree added, "The owner should have a fixed income of no less than 10,000 dirhams a month, or the equivalent in foreign currency. The visit visa does not give the owner the right to work in the UAE."

(Via TopNews Arab Emirates. Contributed by Sadik Al Rumaithi)