Friday, April 25, 2008

Immigration as a Success Factor in Middle Eastern Real Estate

For quite some time, no one has ever imagined a booming real estate industry in the Middle East. It is a common knowledge that the Middle East is desert region. Not much residential areas are tilled and developed. But it is also a common knowledge that commercial centers abound and are expanding in the region as more and more corporate businesses thrive in the area.

Through the years, the number of people immigrating to the Middle Eastern countries has been rising. You may be wondering where those immigrants are locating once they settled in the region. Though the land area of the desert is not shrinking, the land area of the existing commercial and residential areas is expending. Tall buildings are rising, adding more land area though there is no need to expand area across the desert.

Thus, this development is an indication that indeed, immigration is an important key in the further advancing and development of the real estate industry in the region. Most countries in the region are indicating that the volume of immigrants each year is rising, as well as the real estate industry.

The United Arab Emirates, particularly Dubai, is one specific area in the Middle East that is enjoying a real estate surge due to increasing immigration. To understand the real estate situation in the whole of the region, it would help if you would get exposed to what is the real score within the Dubai real estate industry.

Through the years, Dubai has established itself as having one of the most expensive real estate assets in the whole world. Many people are wondering how this is so, when Dubai is practically also a place where deserts are taking greater land area. The answer is due to the rising corporate industry, which is somehow making up for a rising immigration.

As many offices and businesses establish presence in Dubai, it is just logical that most executives, workers and staffs are immigrating and coming from other countries. Thus, this way, the immigration volume is somehow increasing, making the demand for commercial and residential space rise up. You know that in the law of supply and demand, if the demand rises, so is the price. Thus, property prices are always high in Dubai.

The same is the case in almost any other nation in the Middle East. Saudi Arabia is no different, as well as Jordan, Qatar and the rest. With the continuing rising number of immigrants in the region, there is hope for the real estate industry. It is very practical that these days, real estate in the Middle East is not just thriving. The industry is also one of the most sought after and highly profitable in the world.

No wonder. The construction sector in the region is also thriving directly with the real estate industry. That is because real estate in the area translates to office and commercial spaces. Investors can very much see the region as a haven for future real estate investments.

Julia Vakulenko is a licensed broker associate with Realty. She has one of the hardest working Tampa Real Estate team in Florida specializing in Westchase Real Estate and also in2Va Team for Northern Virginia Real Estate.

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