Expatriate investors and those looking to carry out a professional career overseas are increasingly heading to Qatar and Ras al Khaimah as opposed to the traditional favourite, Dubai.
Foreign purchasers have been able to buy property in Dubai on a freehold basis since 2002 and this has led to a build now, pay later approach, reports the Telegraph.
This has led to a delay in the recovery of Dubai’s economy with an estimated US$150 billion (£96 billion) tied up in new developments.
What this means is that rival emirate states are taking a share of the real estate market due to their growing levels of employment and an increased amount of state funding on offer.
Therefore construction is continuing apace in these destinations and property values are starting to rise, making them a good bet for expat investors.
Craig Mitchinson of Mirage international property consultants said: “They’re accessible, and tax-light. English is the language of business, added to which, the dollar, sterling and the euro are the currencies used in daily transactions with the West, all of which adds familiarity to proceedings.”
Qatar has the best growth rates in the of all the Gulf Cooperation Council countries and has seen a resurgence of activity associated with the World Cup being held in the destination in 2022.
Mr Mitchinson said: “Thanks to the successful World Cup bid, many mothballed construction projects have restarted after two or three years of stalling.”
Ras al Khaimah benefits from its geography and is a destination on the up with a number of impressive tourist initiatives being put in place.
Properties here tend to be a third cheaper than the equivalent on offer in Dubai, although prices were rising at a rate of 20 per cent a year prior to the recession.
As Dubai becomes more expensive and saturated with expats, Qatar and Ras al Khaimah become more enticing options for professionals looking to relocate to this region of the world.
Expatriate Healthcare specialise in providing health insurance for Dubai expats. Make sure you’re protected.
© Expatriate Healthcare