Scope and number of projects in Dubai is admired and surprised by the whole world: The Burj Dubai, the tallest tower, artificial palm islands and The World archipelago, the whole city of Dubai Sports City with golf courses, closed ski slopes and the Manchester United football Academy are being built here at the same time... And recently, the project of the 75-kilometer Arabian Canal was announced... This path of development of the emirate was chosen by its visionary ruler Sheikh Mohammed bin Rashid al Maktoum, seeking to diversify the emirate's raw material economy. Now oil no longer plays a major role in the image of the emirate – Dubai is associated rather with millions of square meters, skyscrapers and super-luxury hotels.
Undoubtedly, Dubai will not stop there. But you can hear not only rave reviews about ambitious projects. Will foreigners continue to move here? How do the Emirati authorities plan to solve the problem of road congestion? Concerns are also caused by delays in the construction of some complexes, and rumors that foreign workers are going to go on strike in protest against poor working conditions. There was also talk of oversupply in the rental market – although this is typical for any mature real estate market.
Experts answer all these questions this way: if you treat the purchase of housing responsibly and use the services of a reliable independent lawyer, then Dubai, like other prosperous regions of the Middle East, is a very reliable investment destination.
Abu Dhabi – luxury and sophistication
Abu Dhabi is the largest and most populated emirate, its capital is also the capital of the UAE. This is one of the richest cities in the world, and it rightfully deserves to be spoken of with the same admiration as Singapore, Tokyo and Dubai in the near future. Due to the fact that about 90% of the UAE's total oil reserves are concentrated in Abu Dhabi, the financial situation of this emirate is much more stable than that of Dubai, which is forced to hurry to diversify its economy through the development of tourism and the real estate market. Nevertheless, Abu Dhabi is also planning to attract investors, many bright projects have already been developed here, and, according to one of the leading developers, everything is being done "correctly, not rough and not rough".
Visitors to Abu Dhabi are fascinated by the spacious green boulevards, refreshing fountains and bold modern Arab architecture. Compared to Dubai, there is much less traffic density here, and the evening rhythm of life is very calm. At the same time, 46-year-old Sheikh Khalifa bin Zayed al Nahyan, who is also the president of the UAE, is going to continue the development of the emirate, and it is expected that in the next decade the population here will double.
Abu Dhabi is more restrained than Dubai about changes and European investments. The locals are very religious and proud that their emirate has the world's second largest mosque. It is not surprising that in Abu Dhabi, Saudi Arabia residents buy real estate rather than the British, Scandinavians and Russians, and this means that the cost of luxury apartments here will be no lower than in the largest cities of the world.
There is no capital gains tax, corporate tax and income tax in the emirate, and developers can help finance the purchase. One of the largest real estate developers in the emirate is Aldar Properties, which implements the largest Saadiyat Island ("Island of Happiness") worth $30 billion. This island is intended to become the cultural center of Abu Dhabi, a branch of the Louvre in Paris and the world's largest Guggenheim Museum of Modern Art will be built here, as well as a yacht parking lot for more than 1,000 ships, 29 hotels. Golf resort and luxury housing blocks designed for 150,000 people. The same company will build a Ferrari theme park, a driving school, water amusement parks and two golf courses on Yas Island. Another developer, Sorouh Real Estate, offers housing in the Shams Abu Dhabi project, which will center on the 74-storey Sky Tower skyscraper, as well as in the Golf Gardens luxury villa village.
Oman – developing tourism
Oman is the oldest independent State among all Arab countries. The country has been exporting oil since 1967, and in recent years, under the leadership of Sultan Qaboos ibn Said, it has also been developing other sectors of the economy, including gas production and tourism.
In terms of the level of economic freedom provided to citizens, Oman is among the top twenty in the world, and such support for entrepreneurship undoubtedly has a positive impact on the country's future. Positive changes are also associated with the development of infrastructure – it was recently announced that in addition to the international airports in Muscat and Salalah, 6 more new regional airports will open in the country.
The procedure for the purchase of real estate by non-residents in Oman is still not defined: the mortgage system is only in its infancy, besides, the conditions for the purchase of freehold and leasehold rights have not yet been clearly defined. In any case, the buyer of the property receives a residence permit in Oman.
There are two purchase options: real estate under construction in such major tourist resorts as The Wave, Blue City and Yeti, or buy a plot of land with the help of a business partner in Oman and start an independent project. The procedure for processing documents on the transfer of rights is reliable and simple, but the investor should use the services of an independent specialist who knows the laws of both countries and is able to translate documents and clearly explain the terms of the transaction. Compared to Dubai, housing prices are affordable here: for example, two-bedroom apartments cost less than $240,000.
The Wave project in Muscat, the capital of Oman, which is being implemented by WS Atkins, has become the first residential complex in which objects will be sold on freehold rights. The territory of the complex occupies approximately 2.5 million square meters. m on 7 km of coast. The project, 5 km from the airport, includes a Greg Norman golf course, a yacht park, four hotels, leisure and business centers. The construction is scheduled to be completed in 2012.
Jordan is the attraction of history
Jordan borders Syria, Iraq, Israel, the Palestinian Authority and Saudi Arabia. From 1921 to 1946, the country was under British rule, and after independence, it tries to avoid foreign policy conflicts.
Tourism plays a significant role in Jordan's economy: foreigners are attracted to religious sites such as the Jordan River and Mount Nebo, ancient cities in the middle of the desert and unique natural sites, including the Dead Sea and the Wadi Rum desert. The rapidly developing city of Aqaba, which is located on the coast of the Gulf of the same name and is now known for its numerous shopping complexes and centers for water sports enthusiasts, gives tourists an idea of modern Jordan.
Foreign citizens can purchase real estate in Jordan, which requires prior government approval, in addition, a special form and a certificate of ownership from the Land Department, as well as a certificate confirming the absence of tax claims from the Ministry of Finance.
The stamp duty upon purchase is 0.6% of the value of the object; the tax on the transfer of ownership is 10%, which is divided between the buyer and the seller. Payment for the agent's services costs 4%. Real estate prices in Jordan are rising quite quickly, but it is prohibited for foreigners to sell housing within five years after purchase.
There is no shortage of new buildings in Jordan. Taameer Jordan Holdings (TJH), a large international company, is leading residential projects such as Red Sea Resort, Gardens Villas and Andalucia, which is scheduled to be completed this year. The unique complex covers 80 hectares and includes 600 villas in seven architectural styles, shopping malls, restaurants, swimming pools and spas. This complex is located near Queen Alia International Airport.
It is impossible not to mention the $3 billion Abdali project, which is being talked about as the new center of Amman. Offices, shopping malls and hotels, as well as residential buildings with a total area of almost 1.5 million square meters will be built here. Construction is expected to be completed in 2010.
Qatar is a competitor of Dubai
Qatar is the richest Arab state: annual per capita income leaves $70,000, while GDP grows by 7.8% annually. Currently, the Qatari real estate market is experiencing a sharp upswing, and investors should pay attention to it.
The most populated parts of the country are its capital Doha and the area along the border with Saudi Arabia. Now Qatar is thriving due to gas reserves, the export of which it is second only to Russia and Iran, but at the same time great attention is being paid to the tourism industry – there are more and more spas, shopping malls and other luxury entertainment.
The Pearl project competes with the artificial islands of Dubai. It is this spacious island with an area of 400 hectares that is mentioned first of all when talking about real estate in Qatar, since The Pearl is the first project in which real estate is sold to foreigners as a freehold. The island with 20 km of magnificent beaches is located 20 km from Doha International Airport and is connected to the mainland by an embankment road.
There is a significant European influence in the architecture of The Pearl: the recently announced Qanat Quartier project, for example, is made in the Venetian style. In total, this complex will be created11,000 villas, townhouses, penthouses and apartments. It is expected that the first residents will move here by the end of this year, and in general the project is planned to be completed in 2011.
Other Qatari projects where housing can be bought with freehold rights are West Bay Lagoon, Lusail Waterfront City, Al Waab City, Lagoon Plaza and Al Khor. In most other complexes, the objects are sold on a 99-year lease.
Egypt is a democratic East
Egypt, as the most popular tourist destination, attracts 9 million tourists annually. According to the forecasts of the World Travel and Tourism Council, the country's annual income brought by vacationers will grow to $38 billion by 2017 – without a doubt, these forecasts are optimistic enough to interest foreign investors.
The country's popular resorts are located on the coasts of the Red and Mediterranean Seas, where for less than $40,000, a buyer can purchase a house not too far from the airport, big cities and diving centers. Many investors here choose one- or two-bedroom apartments in order to rent them out in winter and earn rental income.
European investors are in demand for real estate both in Sharm el-Sheikh - the most famous and noisy resort, and in quieter destinations – in Sal Hashish and Hurghada, where the El Gouna and Marsa Alam complexes are currently being built. Several major projects are underway in Cairo, such as Uptown Cairo, Marassi and New Cairo City.
Taxes on transfer of ownership, capital gains, rental income and stamp duty will not have to be paid upon purchase. Foreigners are allowed to buy freehold real estate everywhere except Sharm el Sheikh, where a 99-year lease is issued.
The process of transferring property rights in Egypt can be difficult for a person who does not speak the language and does not understand the legal intricacies, so you need to contact a specialist who knows the laws of both countries, will help you find a suitable option and tell you about the conditions for purchasing housing.
