An increasing number of expats are buying a property in the middle east in order to secure long term residence permits for the countries in the region.
According to several market experts, the total amount of purchases by expats exceed 2 billion USD dollars. Given its popularity among foreigners, Dubai is the largest property market in the Middle East.
Brits, who accounted for about 21 per cent of property sales are the most active buyers.
In addition to serving as a tool to obtain a work permit, buying a property in the region may be a lucrative investment too, because of the resurgence of the local economies after the recession caused by the global economic crisis.
Mark Stott, CEO of overseas property specialist Select Property, said: “Now is a good time to invest in Dubai and if you choose the right areas you will see good capital growth and strong rental yields from your property.
Recent statistics from the UAE property market shows that a two-bed apartment in The Torch on Dubai Marina sold for 900,000 Dirhams (£154,369) at the middle of 2012.
A year and a half down the line, it was worth 1.2 million Dirhams (£205,826).
Qatar is another country whose property market is currently in an upward stage. It offers residence permits to those, who buy a property.
The Government has continuously promoted luxury homes in an attempt to entice more skilled foreigners to come to the country and especially in the capital Doha.
Before buying a property you must ensure that the surrounding area is well-developed. Currently the most demanded areas. include Dubai Marina, Downtown Dubai and The Palm islands.
Other than location the quality of the property is important as workmanship differs across developments.
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