The UAE federal government has approved the extension of visas for real estate investors

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from six months to three years, it has been announced.

The decision, which is likely to boost a struggling real estate market and boost investor confidence, was taken during a Cabinet meeting chaired by Vice-President and Prime Minister of the UAE and the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum.

"The government took a raft of measures as part of its efforts to underpin economic growth within its strategic plan 2011-2013, including extension of visa for real estate investors to three years instead of six months," the UAE's official news agency WAM announced.

Presently, foreign owners of property worth more than 1 million dirhams are eligible to get a six-month visa, which needs to be reviewed every six months.