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Where are Wealthy Arabs Buying Overseas Property?
Arabs are among the biggest buyers of overseas properties. If you’re looking to sell overseas property to cash rich Arab buyers, it would help to know which their favourite overseas property destinations are.
Most wealthy Arabs own properties in Dubai and Abu Dhabi, which have very low property taxes and have excellent infrastructure and world class amenities such as international schools, top rated hospitals and large, air conditioned shopping malls. But in a recent survey, a vast majority said that they already had properties abroad or planned to buy one soon.
So which are the top overseas property destinations for cash rich buyers from the Middle East? Let’s find out!
Canada is one of the best countries in the world to buy property. For cash rich buyers from the Middle East, it helps that Canada has tax treaties with most Middle Eastern nations – which means they can avoid paying a double tax on their property purchases in Canada. Canada has a very diverse culture, excellent education system and great business opportunities.
Many wealthy buyers from the Middle East have invested heavily in France. For many Arabs, it’s a lifelong ambition to buy a home in France. The French Riviera in particular is one of the most popular overseas property destinations in the world. The real estate market in France has been booming lately. The French government has eased up many of the rules related to foreign investment in property in the country. However, France still has some of the highest capital gains tax rates in the world – which you will not appreciate if you are trying to sell overseas property in France.
Turkey is one of the hottest overseas property markets in the world. Property prices in Turkey have been growing at over 10% for a number of years now. Cash rich buyers from the Middle East love Turkey because of the similarities between Turkish and Arab cultures, language and people. Turkish TV shows are very popular in the Middle East, as are Turkish movie stars. There are hundreds of flights that connect the Middle East to Istanbul. The Arab interest in Turkey remains strong despite the recent political turmoil in that country because of the attempted military coup.
New Zealand offers some of the most competitive property prices among developed nations. For this reason properties in New Zealand have always been highly sought after, especially those in the city of Auckland. Arab buyers consider New Zealand a safe haven for their real estate investment and appreciate the fact that New Zealand has very simple and uncomplicated property laws. If you’re looking to sell overseas property in New Zealand, you will like the fact that New Zealand does not charge any capital gains tax on the sale of real estate.
Nobody should be surprised that United States figures highly in any list of the most popular overseas destinations for Arab buyers. It is after all the richest and most advanced country in the world. However, Middle Eastern buyers have to go through strict security checks and other clearances in order to buy real estate in the US, which can take some time.
The Investors love Europe because so many high end properties can be bought at knock down prices compared to the US or other parts of the world. If you need to sell overseas property and want cash rich Arab investors contact us today.