Get Residency VISA with Freehold Property - It's Back?

It has been reported that the UAE plans to implement a law granting visas to owners of freehold property within a year. The proposal will allow owners to obtain a six-month renewable visa, regardless of their nationality or the size and value of their property, said Brig Gen Nasser al Minhali, the acting director general of the federal Department of Naturalixation and Residency. He said the new law aims to create a unified visa system related to property purchases.

At lot of people involved in the real estate industry believe that a 6 month renewable visa is just too short and accordingly feel that this should be reviewed and extended to a 2 or 3 year renewable visa.