Real estate booms in the Middle East

Magicbricks.com moderator says: Though oil still continues to drive the economic prosperity in the Middle East countries, however, the realisation has set in that this non-renewable resource is not going to last for long. To counter it, they have started to look for other alternatives, among which, real estate happens to be a big one. Most of these countries including UAE, the Sultanate of Oman,Bahrain,Qatar,Saudi Arabia have all been busy gearing themselves as prime destinations for real estate investments by introducing laws that would allow foreigners and expatriates to purchase properties in these countries.

Infrastructural wonders such as broad roads and highways, magnificent hi-rises, sprawling hotels and malls, and specially designed real estate zones have further fuelled the demand for real estate in these countries. Besides this most of the government in these countries support new ventures and businesses by ensuring there's hardly any restriction in the form of extensive legal formalities, taxes or laws while undertaking or starting a new venture. With most of them already witnessing a rise in property prices by 25 to 30%, there's no guessing on how fast real estate is growing in this part of the world.

Share with us your thoughts and opinions on how do you think the real estate market will shape up in the Middle East countries? Do you think the property prices will continue growing at such a rate or will they come down after a while? Have you ever had the experience of buying a property in one of these countries and how has it been for you?