Tue, 20 Nov 07
Rental rates in
With property reports, stating current demand is outweighing supply, buy-to-let property owners in
The rise in rental rates has followed a liberalisation in real estate law, which has been designed to encourage residents to own property as opposed to rent, yet many residents are investing in property to capitalise on the lucrative rental yields that can be earned.
The economy in
The Government has initiated several measures to liberalise laws in a bid to attract investment into various economic sectors such as real estate, tourism, and finance. The high rental rates have also had an effect on the country’s inflation rate, which is now among the highest within the Gulf Cooperation Council (GCC) countries.
Relaxed foreign ownership laws
In order to attract foreign property investment specifically, the Government relaxed foreign ownership laws. This has led to an increase in investments into not only property investment but also tourism, the financial market, oil, and gas sectors; the major increase in economic migration to the country is further boosting the country’s rental market.
New regional and international companies who have relocated to
Overseas property buyers can currently purchase real estate in designated freehold areas, which are West Bay Lagoon, Pearl
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