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Real estate boom in the Middle East
The real estate market in the Middle East is on a roll with buyers from all
over the world heading to own a piece of this golden region. A look at what
makes this region tick
 Researches by international real estate agencies and experts in the past few
years have all come to the same conclusion – the Middle East has one of the
fastest growing property markets in the world. Many countries have been hit by
the current global economic crisis and real estate markets too have been facing
a slight slump. But the Middle East has proved to be an exception.
Dubai leads the pack as the area where development is taking place at a rapid
pace. Following closely behind are Bahrain, Qatar and Oman. What impresses
potential and current buyers in these regions is the sustainable growth factor.
The amazing regularity with which new projects are being unveiled also has
investors convinced of the region’s potential. The Middle East is the new
address not only for homes but for offices as well. The region is now the new
vacation home for those who’ve bought summer houses in France and Greece.
Offices of huge conglomerates that conducted business mainly in Europe and the
US have also set up businesses in the region. So what is it that makes this
region tick? What are the factors that make the Middle East the favorite of
property investors?
Bourgeoning, investor-friendly environment: Almost all the regions in the Middle
East are on the path to enormous economic growth. Even those markets that were
earlier closed or cautious about foreign participation in business have now
opened their doors. Increased disposable income is also making the region a
lucrative emerging market.
Availability of land: Since most regions in the Middle East have been
experiencing sustainable growth only in the past decade or so, land is still
available in abundance. This has spurred the rapid development of the region’s
property market. Developers also find that procuring land is not very difficult
especially since the governments in many of the Middle Eastern countries are
open to giving large expanses of land for the purpose.
Ownership rights: Many changes have been made in property ownership rules over
the past few years in the Middle East. Citizens of the Gulf Cooperation Council
(GCC) can freely buy property in any/all GCC country(ies). (GCC comprises
Bahrain, Oman, Kuwait, Qatar, Saudi Arabia and UAE.) Countries like Morocco,
Tunisia, Jordan, Egypt and Lebanon are liberal to foreign ownership but have
regulatory procedures to follow. Foreigners are allowed freehold ownership in
Qatar, Bahrain, Oman and UAE in selected areas.
Low property prices: The Arabian property market is still at a nascent stage
compared to elsewhere in the western world. So, land and property prices are
comparatively less, which makes it feasible for buyers, especially those from
developed regions.
Higher rents: For many property stakeholders rental yields from the Middle East
has proved to be higher than in many other countries. While increased prices and
inflation in many countries in Europe have led to a fall in rental yields, it’s
been the opposite in the Middle East. The taxation rules have also proven to be
favorable for the stakeholders.
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June-
2008 |
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Cover Story |
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An upward spiral
Runaway inflation is not just impacting the profits of
companies but is also creating an atmosphere of uncertainty about the future.
Writes Mayank Singh
more... |
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Other Headlines |
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Growing tourism opportunities
Oman has a lot going for it as a tourism destination – pristine natural beauty
and authentic Arab culture. All it needs to do is ramp up infrastructure to be
on par with the rest of the region |
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An Experienced Hand
Murray Sims, CEO, National Bank of Oman speaks to Mayank Singh about his plans,
the sub prime crisis and a host of other issues |
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Real estate boom in the Middle
East
The real estate market in the Middle East is on a roll with buyers from all over
the world heading to own a piece of this golden region. A look at what makes
this region
tick |
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Leading from the Frontlines
Retired Colonel G. Gopalakrishnan is keen on bringing Oman to the forefront of
IT and communication technology writes Nathalia Jones |
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Leadership principles
In The Swordless Samurai, translated from the original Japanese, Tim
Clark has given due importance to the simplicity of expression of the leadership
concepts in Hideyoshi’s original writes Ganesh Sundararaman |
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The Arab world climbs up the
growth curve
The important factor to note is that the Arab economy managed to grow due to
domestic demand in favoUr of investment |
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Linking economic progress between
Qatar, Bahrain
With the economies of Qatar and Bahrain heading towards raPid development, the
proposed 40-km causeway between the two countries will keep the momentum going |
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Peace, Progress and Prosperity
Tension-free status is a prerequisite
for progress. Where there is peace, there is prosperity. |
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Putting ‘Tiger’ wins it all on the
turf
A look at what makes Tiger Woods a global Golf icon |
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Courage of conviction
The Sultanate’s tradition of enterprise dates back over centuries, we profile
six entrepreneurs who are keeping that spirit alive |
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Parking funds
The growing incidence of foreign participation on the MSM has started to have a
bearing on the stock market. Mayank Singh reports |
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GCC bourses upbeat in May
May proved to be good for GCC stock exchanges, with all markets ending on a
positive note. The overall growth was due to the excellent Q1 figures from
companies writes Harikumar Varma |
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The path to innovation –driving
brand growth
While making line extensions part of their new and
improved brand-building strategies, companies need to adopt a dual approach that
takes into consideration the relationship between trade partners and consumers
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Cracking the glass ceiling
Two women from the Sultanate have made it to the recently published list of the
fifty most powerful Arab women by Forbes Arabia. OER meets these women who have
been winning laurels for the country |
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Supporting ‘The Family’
Historical data shows that most family businesses disintegrate by the third
generation. LODH has survived seven generations. Pasha Bakhtiar, MD of LODH
shares some home truths with OER’s Ramesh Kumar |
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Russia – The ultimate frontier
market
With the dream team of President Medvedev and Prime Minister Putin now
firmly in control of economic policy at the Kremlin, Moscow could be one of the
world’s best performing emerging markets in the next year.
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Sohar Aluminium,The picture so far
As Sohar Aluminium prepares for the final stages of construction and
commissioning our journalist Jessica Brookes and photographer Rajesh Burman
record the progress from ground zero |
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Creating value out of waste
Oman Wastewater Services Company is setting up a
modern wastewater system in Muscat Governorate with an investment of RO1.2
billion. Akshay Bhatnagar takes a look at the progress made so far on the
project, which is expected to be completed by 2017 |
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Keep your auto parts in top gear
this summer
Oman is gearing up for the mercury meltdown and everywhere air-conditioners are
working over time to provide cooling respite from the swelter. What respite can
we give our vehicles from the harsh, unforgiving heat? Read on to find out… |
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Direct Interface
Online trading provides a secure and convenient platform for investors to trade
directly on the stock market. Mayank Singh reports |
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Bye, bye, Your Excellency!
South Africa’s ambassador to Oman is exiting but he has set in motion a lot of
bilateral initiatives which is putting Oman upfront in South Africa’s worldview |
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Regulars |
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