Some expats in the Kingdom have started investing in real estate in Gulf countries to get long-term residence permits (RPs) so they can visit these countries or live there according to those countries' residence laws. According to real estate experts, expats' real estate investments in Dubai and Abu Dhabi have exceeded SR 10 billion. Qatar allowed expats in 2006 to buy housing units. In return, Qatar would give expats access to facilities such as a long-term RPs.
The authorities in UAE have said that any foreigner who applied for an RP should buy a housing unit for at least AED 1 million (SR 1,020,000). Expats in Saudi Arabia who own houses in other Gulf countries are mainly Palestinians, Indians, Lebanese, Syrians and Egyptians. A number of them want to ensure their future through buying houses in some Gulf countries. "Gulf countries are bound to face cultural problems due to the naturalization of a large number of foreigners.
This will change their demographic map," said Tala Samarqandi, a member of the real estate committee at the Jeddah Chamber of Commerce and Industry. Dubai is the biggest real estate market for Gulf residents. Around 24 percent of the buyers are from India, 21 percent are British and 12 percent are Pakistani. According to a study of the Gulf Center for Development Policy in Kuwait, linking the sale of real estate to granting permanent residence outside the system of work visas for expats in some Gulf countries could create cultural problems.
http://www.zawya.com/story/Eyeing_permanent_RPs_expats_invest_in_Gulf_properties-ZAWYA20130201031645/?lok=031600130201&&zawyaemailmarketing
The authorities in UAE have said that any foreigner who applied for an RP should buy a housing unit for at least AED 1 million (SR 1,020,000). Expats in Saudi Arabia who own houses in other Gulf countries are mainly Palestinians, Indians, Lebanese, Syrians and Egyptians. A number of them want to ensure their future through buying houses in some Gulf countries. "Gulf countries are bound to face cultural problems due to the naturalization of a large number of foreigners.
This will change their demographic map," said Tala Samarqandi, a member of the real estate committee at the Jeddah Chamber of Commerce and Industry. Dubai is the biggest real estate market for Gulf residents. Around 24 percent of the buyers are from India, 21 percent are British and 12 percent are Pakistani. According to a study of the Gulf Center for Development Policy in Kuwait, linking the sale of real estate to granting permanent residence outside the system of work visas for expats in some Gulf countries could create cultural problems.
http://www.zawya.com/story/Eyeing_permanent_RPs_expats_invest_in_Gulf_properties-ZAWYA20130201031645/?lok=031600130201&&zawyaemailmarketing
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