Buying a property to receive residency status
Claiming for residency in some country’s can be tough as governments seek to limit the number of immigrants living in their nations, however, Expats in the Middle East seem to be finding a way around this by buying property.
Buying a property is a good way to increase your chances of receiving long-term residency permits or Visas as it shows the host government that you mean business. According to property experts in the region, expats in the cities of the United Arab Emirates such as Abu Dhabi and Dubai, expats spent a whopping £ 1.7 billion on property purchases, and it’s not just the UAE that offers residency when buying property. Qatar also offers residency permits for expats who buy property in the country, and the small nation’s government has promoted luxury homes in an effort to entice foreigners to move there.
Dubai especially has seen a surge in property being snapped up by foreigners. After all, it is the biggest market for expats living in the Gulf state due to the large number of foreign workers. According to data British expats accounted for 21% of all property sales in the city.
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.
“For instance, in 2011 a two-bed apartment in The Torch on Dubai Marina sold for 900,000 Dirham’s (£154,369), a year and a half down the line it was worth around 1.2 million Dirham’s (£205,826). What’s more, in 2012 the average value of real estate in Dubai increased by over 13 per cent.”
In recent years property in the region has become far more profitable for investors. Three years ago rental yields in the city were worth around 70,000 Dirham’s. Now they are worth around 120,000 Dirham’s.
The most desirable locations to investing at the moment are Dubai Marina, the Palm Islands and Downtown Dubai. We advise that if you are looking o invest in a property overseas that you get in touch with a specialist currency broker to save money and to get the best exchange rate.