Taking Advantage of Property in Saudi Arabia

For the first time ever, Saudi Arabia is opening its doors to foreigners who want to buy property in the oil-rich Middle Eastern country. Now unlike many other countries that allow foreigners to buy property within their borders, Saudi Arabia is going about things a bit differently. Instead of giving foreigners the ability to buy in places like Dubai, and other major cities in the country, Saudi Arabia is building a new city where it will allow foreigners to own property.

The city, which will be called, King Abdullah Economic City, will be the first freehold city located within Saudi Arabia and it is being built by the government-owned company Emaar Economic City. Named after the head of state for Saudi Arabia, the entire city is going to cost an estimated $27 billion to build, and it should be completed by around 2025. This means that if you want to own property in Saudi Arabia, you are going to have to wait about 15 years. That should give you enough time to buy property in the city, which will surely be expensive.

The city itself will be located near the city of Jeddah, and it will house roughly two million people in total. King Abdullah Economic City is just one of four cities that are being planned under a $400 billion plan created by the Saudi government to house a growing population. However, only King Abdullah Economic City will allow foreigners to own property within it.

The city is currently the home for 400 families and as the years go by, more and more families will begin to move in as the towers and buildings are completed. At this moment, mostly middle-income homeowners have bought property within the city, which lies on the shores of the Red Sea, making it one of the key points in future trade within the Middle East.

In regards to how one goes about buying property within this new Saudi Arabian city, those rules and regulations are going to be issued within the next few months. According to most reports, the new regulations for foreigners buying property within the city will cover things like foreclosures and repossessions, as well as the creation of a land registry.

If you are planning to live in one of the richest countries in the world, but also one of the strictest, then this new city may be the place for you. It will have all the modern conveniences and be incredibly high-tech. Families are already buying up property in it and it is expected that the waiting list will become quite long for the city. As a foreigner, there will be various rules and regulations you will have to agree to and follow while living in the country. As for what those are, you will simply have to stay tuned for the next couple months as the Saudi Arabian government begins to put that information together for foreigners wanting to live and/or invest in this new city.

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Thailand is one of the most beautiful countries in the entire world. Every year, millions of people venture to this nation in order to take advantage of the amazing beaches and stunning landscapes. Some people love Thailand so much that they begin to look for ways to stay in Thailand as residents, rather than tourists. When this is a consideration in your life, you need to begin thinking about buying property in Thailand.

However, it is not always so simple to do this because under Thai law, foreigners are not allowed to buy property within the country. So, as a foreigner, what are your options for owning a property in Thailand that you can go to and stay at for months at a time? Many travellers prefer this option to staying in a hotel, so here is how you can make it happen.

1. The first thing you should do is actually go out to Thailand. It is of no use to buy land in Thailand if you are not there. This is why you should fly out to Thailand and take a look at the real estate market. When you decide to fly out there, make sure you take time to meet with real estate agents so that you can learn what you need to do in order to buy land in this stunning country.
2. Once you have made appointments with real estate agents, ask them questions about the land that you are going to be looking at and what amenities these bits of land offer you. You want to know about water quality, air quality, air conditioning, electricity, type of areas, beach access and more.
3. In Thailand, if you are a foreigner you can only buy land if you qualify in two areas. The first is if you enter into a long-term lease that ensures you will not just buy property and then sell it soon after. The second is that you form a company with a Thai person. It is best to speak with a lawyer about this to ensure that you do what is required with purchasing property in Thailand.
4. You will want to pick a few properties that you are going to check out and visit. If you are having a home built, then you need to have a surveyor check out the property and that will cost you a bit more, but if you are just looking at a home you can go along with the real estate agent.
5. If you are building on land, it is important to understand land titles. In Thailand, there are five types of land titles, but foreigners only use three types, which are Chanote, Nor Sor Sam Gor and Nor So Sam. Of all of these, you will want to go with Chanote because it gives full land rights and the property boundaries are clearly defined. Again, talk with your lawyer before proceeding.

Thailand is a beautiful country that has many wonderful people in it, beautiful countryside, and affordable prices. If you are going to buy property in Thailand, ensure you follow these tips.

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Buying Property in Phuket

Phuket – The Pearl of The Andaman

One of the most beautiful regions of Thailand is Phuket. Sitting on Phuket Island, the third largest island in Thailand, the capital city of the Phuket Province is Phuket City, with 75,000 inhabitants. This region is highly sought after for real estate investment and for vacation homes for the simple fact that it lies close to the equator, giving an average temperature of 32C/90F, while only going down to an average low of 24C/75F. While the region is dry from December to March, it can be very wet in the monsoon time of year from April to November.

When you are looking to buy property within Phuket, you should look along the Hat Patong, which is the most-developed beach on the island. Situated in a three-kilometer long-bay, you can enjoy windsurfing, sailing, swimming or just sun-tanning during the day, while taking in the restaurants and thriving nightlife at night.

Phuket is currently going through a real estate boom with a great deal of development going on in the area of condos, homes for retired individuals, rental homes and luxury housing. With over 4,000,000 people visiting the island each year as part of their vacation, there are many who want to have a home they can go to while on this beautiful island.

If you are thinking of moving to Phuket, you should first be commended for deciding to live somewhere this beautiful. Choosing a place, whether it is a condo, villa, or house, will depend greatly on what you are looking for. If you want to live in a remote area, you can look in the Rawai area or the Naiharn area. However, if you want to be close to golf courses, hospitals, shopping areas and urban centers, then the Kathu area of the island is a good idea.

When people talk about the benefits that come from living in the Phuket province, or in Phuket City, it often revolves around the traditions, food and local life of this amazing area.

When you are looking for condos, villas, or homes within Phuket, there are some things to consider, including:

1. Make sure you choose a reputable real estate company. This is true if you are buying over the phone, or from your current country. You want to make sure the company you go through is going to make sure that you get a home you not only want, but that you can afford as well.
2. If you need to, get some legal advice on how to buy a home in Phuket.
3. Do as much research as you can into Phuket because you want to live in an area that is conducive to your lifestyle. If you are young, you may want to be in an urban area where there is a night life. If you are looking for some place quiet, then a villa in a remote village may be a better choice. If you have children, a villa on a cliff may not be a good idea because of the dangers presented by the cliff.

The time is now to buy in Phuket. The financial crisis has made many luxury homes affordable on the island and they are starting to be snapped up by foreigners. In the past few years alone, the number of condos has doubled on the island and all these islands are also selling quickly. Most of the people interested in buying homes in Phuket are from the United States, United Kingdom, Australia and Scandinavia, so don’t let them snap up your home on Phuket Island.

This is a beautiful island that is quickly becoming the go-to destination for many individuals in the Western World who are tired of the snow, cold and day-to-day grind.

Now, it should be noted that under Thailand’s laws, it is forbidden for a foreigner to own land within the Kingdom of Thailand. Now, you are allowed to buy a condo under your own name if the condo is a freehold title. If the condo is not a freehold title, then you can lease it for 30 years, with an extension of 30 years on top of that.

If you want to get cheap property within Phuket, you can look at two places; auction and banks. If you are planning to buy a property at auction, you need to get research done on the title before you do. You need to have a friend based in Thai ask the right sorts of questions for you if you do this and you need to be able to move quickly as someone else may take your property from you. Most newspapers within Phuket will have auction notices so all you need is someone in Phuket to let you know about possible properties. Let them know what you want to spend and what you are looking for and your Thai friend can make things much easier for you when you are shopping for a home in Phuket. Buying through auction can save you a lot of money but again make sure you research the property and have a lawyer ensure there are no problems with the property and to ensure that the title is completely free and clear.

If you decide to go through a bank, look for property that has gone through repossession. Banks will sell at a discount because they do not want to go to auction, where they will lose more money. You can find many properties through banks on the internet in Phuket, which have gone through foreclosure. Although, if you can’t read Thai, you may have some trouble so a Thai friend again comes in handy. Having a Thai friend can also aid you in seeing the hoe and because banks will often hold special open houses when your Thai friend can check out the home for you.

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Malaysia Real estate

Real Estate Property In Kuala Lumpur

One of the fastest growing and most dynamic countries on Earth is Malaysia. Once thought of as a country that was nothing more than developing, this country is becoming a financial force to be reckoned with. The capital, Kuala Lumpur, is close to some of the most important cities in the world, including Singapore, and the city itself boasts 6.9 million within its region, giving it plenty of opportunities for investment, and as a place to move to.

In fact, many individuals in the Western World are looking at Malaysia and Kuala Lumpur as a place for retirement residential property. The coastal area of Malaysia to the west of the country boasts some excellent coastal resorts and properties that are quite affordable.

In addition, Malaysia is very open for tourists and if you want to visit somewhere beautiful in your very own condo or house, then you should look to this country as a place to own property.

Thankfully, Malaysia makes this very easy thanks to the My Second Home Program (MM2H). This program allows foreigners to own residential property within Malaysia, with a limit of two properties. This program tests an applicant to make sure that only serious buyers come to the country and those who own property through the MM2H program are not allowed to work within Malaysia, but they are more than welcome to take their vacations there. That doesn’t mean you can’t own property and work in Malaysia. To that, all you need is to get a loan from a bank.

In order to put down money on property there are two stages that must be followed. First, three percent of the worth of the property must go with the letter of offer. After this, another seven percent of the purchase price must be presented with when the full sale agreement is signed. Some other benefits to living in Malaysia also include the fact that there is no capital gains tax on property deals as of April 2007. At one point the tax was as high as 30 percent, but it does not exist anymore.

It should also be pointed out that Malaysia has a very benign taxing structure. This means that you do not pay much for taxes when you live in Malaysia. This helps you save more money that you can use to put towards buying a home in Malaysia.

Currently, homes and condos are cheaper in Malaysia than ever before due to the financial meltdown that has been experienced all over the world. As a result, you can save a lot of money by buying in Malaysia right now. You will typically pay more within Kuala Lumpur than you will outside the city. No different than in the United States, Canada or Europe, some homes will be more expensive than others depending on where they are. Make sure you do your research before buying a condo or house within Malaysia to ensure you get what you want, where you want, for the price that you want.

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World’s Tallest SkyScraper

In September 2004, the Burj Dubai project started, intending to build what was expected to become the world’s tallest building. In officially opening the building, this January of 2010 – some two years after the originally intended completion date in 2008, the opening ceremony is testament to the spirit of co-operative human endeavour, overcoming all obstacles, including global recession, to achieve an outcome which is recognized as being second to none – the achi evement of having built the tallest building in  the world.

Despite good progress until late 2008, the fate of the Burj Dubai was left somewhat in the balance when the exposure of the emirate of Dubai to the financial havoc caused by global recession became apparent, with Burj Dubai looking likely to become one of many fire sale items that might need to be sold off to get the emirate out of the red. However, in the pomp and ceremony of the opening day was included a re-naming ceremony for the Burj Dubai – and it was formally opened as the Burj Khalifa – by way of tribute to the leader of Abu Dhabi – Sheik Khalifia bin Zayed Al Nahayan  who recently provided financial assistance to the neighboring Dubai to the tune of  CAD 11 ($10) billion securing the financial future of Dubai and ensuring completion of the Burg Khalifa, enabling it to take its place as the fully accredited tallest building in the world. It can be seen from 95 kilometers away. The Khalifa Tower is around half a mile high and overlooks the entire city, including existing tall buildings, it is expected to be a tourist magnet, not only for its unique height, but its location from which can be accessed all of the wonders of Dubai – the world’s largest arch bridge, the twirling tower, a refrigerated beach and some artificial islands shaped like a map of the world – for a vacation or a stopover, this new centre for tourism in Dubai promises an experience in the grandest style and well worth including in your travel plans, particularly for those who enjoy fine dining and those who love to shop.

There are over 160 levels in the Burj Khalifa – including the area given over to the Armani Hotel. The elevator has the longest travel distance in the world and there are double deck elevators which travel at 10 meters per second-the highest speeds to take you up to the highest level observation deck, where breath taking panoramic views can be enjoyed by night and day. Most of the lower levels of the Burj Khalifa are taken up by the luxurious Armani Hotel with 160 guest rooms, suites and nine hundred one or two room living accommodation units. There are 37 floors of office space all fitted out with the very latest in design and e-technology – the Burj Khalifa is a new hub for both business and social interaction and will bring some much needed new tourism and trade into the economy of Dubai.

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The Republic of North Korea is simultaneously one of the most interesting and most impenetrable nations in the world. There are many places on this earth that provide major talking points with their seeming lack of openness, but as time has gone by there has continually been a temptation for each to accept the benefits of capitalism (or at least commercialism, which may not be the same thing but has many of the same effects) and open their doors, slowly at first but eventually deciding that they have more to gain from opening up to let the world in than from staying isolated. China was once seen in the way North Korea is today, but a move to free market capitalism is all but complete there and a real estate economy is developing. In North Korea, the same cannot be said – but whispers are emerging that it is beginning to dip its toe in the water.

The winds of change do not blow visibly in North Korea, due to the capricious nature of its President Kim Jong-Il, whose idiosyncratic style of leadership can best be described as “individual”. North Korea is a highly militarized state, and resists any effort to involve it in globalization. However, in Pyongyang there is a building which stands half-completed more than 20 years after ground was broken on its construction. Claims are that it will finally be completed in 2012, a quarter of a century after it began, and marking the 100^th anniversary of the birth of the former leader, and Kim Jong-Il’s father, Kim Il-Sung. Extensive information on the hotel is hard to come by, however, so we are left with second-guessing and often cynical predictions on what shape the construction activity might take.

North Korea has a total foreign media blackout, and limits overseas visitors quite sternly, so it is not possible for international organizations to get a close look at what is taking place on the site of the Ryugong Hotel. Five years after construction began, it is known that it had to be stalled due to a lack of funds to complete the project, so what exists of the hotel is a concrete skeleton. Lately, one side of the pyramid-structured hotel has been seen to be covered in glass (although even that has been attributed in some circles to Photoshop), and the upper floors (due to house restaurants) seem to have been completed. A lot more, however, remains to be done. Even the Egyptian construction group Orascom – involved in the recent building – has admitted that the extent of the confirmed work is more to give the facade a more attractive look.

Whether the 2012 completion date for the Ryugong hotel is mere fancy or not, the fact that construction has recommenced after all this time does make for interesting speculation. Will the Pyongyang authorities see work completed on the building, and permit the promised “Western” freedom within the walls of the hotel? Will we know if it happens or not, given the silence from North Korea on almost all issues? We could yet be surprised – and those who call the building the “Worst Construction In the World” may yet have cause to eat their words. And, of course, maybe not.

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The BOC Tower, Hong Kong

Much of modern architecture is about making a statement. In fact, it is probably truer to say that architecture has always in some way been about making a statement. Even the most unremarkable buildings have something to say about themselves, even if that thing is simply “I am simple and unobtrusive, it is what happens inside that is important”. Nevertheless, the increase in the amount of money spent on architecture has been enough to persuade architects that what they must provide in this day and age is a little bit of “bang for your buck”. Any major development today, you can be assured, will not be a simple straight up-and-down edifice with sober decoration. One look at the Dubai skyline will make clear the direction in which the wind of modern architecture is blowing.

As far as statements go, it is not merely the modern day buildings that seek to make themselves heard, as a look through the last few decades will tell you. One building which has been in situ for nearly twenty years in its current form, the Bank of China Tower in Hong Kong, is very much a statement building. Its bold lines are certainly impressive, and although it was conceived in the Eighties and opened in 1990 it still looks modern to most eyes. With the importance of the number eight in Chinese culture,  the plan was to open the tower on the eighth of August, 1988 (8.8.88). This did not happen, and this seems to fit the story of the tower, as it seems to deviate from the long-held beliefs about auspicious buildings and projects in Chinese culture.

For one thing, the building does not conform to the standard practices of feng shui which are broadly considered to be of major importance in China and its territories, in some places seeming almost to have a sense of open defiance against the rules. This is not quite the intention, and in fact the architect who conceived it, I.M. Pei, consulted with experts before finalising the design, removing a majority of the X-shaped structures from the final look as they are considered to bring bad luck. On the other hand, the presence of numerous sharp lines in the building is considered to be provocative. Nonetheless, the building has yet to be befallen by any major difficulties. On being built it was the tallest building in all of Asia, and the first outside the United States to break the fabled 1,000 foot mark.

One other interesting feature of the Bank of China Tower is its shape. From certain angles it bears a marked resemblance to a meat cleaver, and indeed this shape is known as a “cleaver building”. While this in itself may seem to be just a common fact, it becomes interesting when one notes that the “blade” of this cleaver points across the road at another building – the headquarters of the Hong Kong branch of HSBC, to be specific. A coincidence? Possibly, and possibly not, but interesting to ponder nonetheless.

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Taipei 101

In a world obsessed with extremes, and where publicity is king, it is quite something to be able to say that you are at the further extreme of anything. To be the tallest person in the world, although it may have its inconvenient points, is certainly a claim that will entitle you to publicity. Being the world’s richest person will encourage other people to do business with you, ensuring that you simply get richer. Although it is not always universally positive to be able to claim that you are or have the best, the tallest, the richest or the most famous of anything, it does entitle you to certain perks of which recognition is arguably the most powerful. On a worldwide level, having the tallest building in the world certainly puts you front and center in any architectural for um.

As things stand, then, the Taipei 101 tower is a building with a lot to envy. At present – and until at least the 2^nd of December this year – the tower remains the tallest building in the world. Standing at 509.2 meters above ground to its highest point, and 139.2 meters to its top floor, the Taipei 101 tower is taller than any other currently habitable building in the world. One tower currently outstrips it in terms of height – the Burj Dubai in the United Arab Emirates – and at present it is not habitable, and will not be until its opening date, currently slated as being in three months’ time. Since its completion in 2004, Taipei 101 has held this title, one which has grown in importance as the world of publicity has gained strength.

It is all the more impressive for the fact that Taipei is found in one of the areas of the world with the highest incidence of typhoon winds and earthquake tremors. The building simply could not have been built were it unable to withstand such conditions, and therefore great care was taken to ensure that this was included in its building plans. As a result, it is capable of withstanding winds of over 130 miles per hour and the strongest earthquakes that the tectonic plates are ever likely to throw at it. innovative engineering was required both for this level of stability and its enormous height – and for any combination of the two.

A lot of the publicity which surrounds the Taipei 101 tower is not to do with its tenants but with its fascinating idiosyncrasies which make for fascinating facts. For example, the name of the tower refers not only to the 101 floors above the ground, but also to the fact that it was built in the first year of a new Chinese century (100+1). Another reason behind this name is that 100 is viewed worldwide as a number of perfection (anything deemed to be 100% is seen as perfect) – the idea being that Taipei 101 goes one better than that. The number eight is seen as a renewal of time, as each week has seven days (the eighth marking a new week). In connection with this and the association of eight as a “lucky number”, the outside tower is made up of eight segments of eight floors. Also interesting is the external design, which features touches of specifically Chinese architecture like the traditional pagodas and ruyi figures.

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Real Estate In China Part 1

As China becomes more and more a part of the global trading economy, it is natural to expect that its increased openness will continue increasing and that its economy will behave similarly to those of other major powers. This is not necessarily going to be the case, not least because the way that an economy behaves, its DNA, and its part in the global economy all depend on more factors than simply China’s entry to the worldwide club. So, currently, we can see that China is seeing major growth in its economy, while other nations labour under a recession or enter a cautious recovery.

The major test of China’s development as an economy will be time. It is only recently that the country has embraced capitalism, and although any interested party could not have failed to notice that it is headed squarely to become the world’s biggest economy by the middle of this century, it would be fanciful to assume that the forty years between now and then will all be smooth sailing. In ensuring that China continues to develop in the present way, it is going to be necessary to have a strong real estate sector, one which is competitive enough to bring in outside investment. Currently, the signs are good for that sector of the Chinese economy.

Looking at the major Chinese real estate companies gives some interesting results. Poly, considered one of its most prominent real estate big-hitters, recently posted its results for the first half of 2009 and, in a year which we should take care to remember has been touched by major recession, showed a massive increase in net profit. Set against the revenues of the first half of 2008, Poly posted an increase of more than 54%, taking its numbers to 8.29 billion yuan (US$1.21bn) and a profit of 1.396 million yuan (US$200m). In comparison with real estate sectors in other countries, China is certainly showing results which point to a thriving real estate economy going forward.

The most definitive question on the Chinese real estate economy, however, remains how it will deal with any bust or recession in the national economy. Perhaps due to the nascent nature of its free market economy, China has not suffered from the global financial crisis in anything approximating the same way as most of its G8 partners. This means that we have yet to see how the country, and the real estate market will deal with it should it happen again any time soon.

However, at this stage it seems only right to give China the benefit of the doubt as to its financial results. Having seen how the rest of the world does free market capitalism and real estate, China has delivered its own approximation of the medium and has shown an impressive level so far. Will this continue? As of this moment it is difficult to say, as we have not seen China’s free market operate under all conditions as we have with the more long-standing free market economies. Those tests are still to come.

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Real Estate Market In China

There will be few, if any, more important countries to the future of commerce and real estate in the next couple of decades than China. Viewed by many as a “sleeping giant” due to its immense landmass and population, but perceived insularity, there is no doubt that China is set to play a part as it increases its openness and moves ever more towards a market-based economy. The developments of recent years have led to just about every financial expert worth the name signalling their belief that China will become the world’s number one superpower by the middle of this century at the latest. A vital part of this process will be in its real estate sector.

For Western investors, there are still some sticking points when it comes to backing investment in China. Not least of these is the fact that with a population of one billion and a language that is the most prominently spoken as a first language (by numbers – of the billion plus Chinese residents, more than 900 million speak Mandarin as a first language. A third as many speak English as a mother tongue), China has little need to cater directly to foreign investors or incoming migrants. The growing policy of openness is expected to mitigate this somewhat, allowing new investors to feel confident in branching out into China.

From a real estate point of view specifically, China has also had to move from a point where most housing was state controlled to one where it is common for residents to own their own homes.  . It does seem like the country was always ready for this kind of progress and that, aware of the importance of a happy domestic population, the government has moved to give them just that. Although the overwhelming majority of home owners in China are Chinese, the incoming investor need no longer feel that there is an excessive bar to their prospective ownership of real estate property.

There are still some elements that give potential house buyers what they consider to be reasons not to invest. Although a great deal less insular than it was once considered, China is still not the most transparent place in the world for visitors. There is a large level of bureaucracy and seemingly obscure laws (from a Western perspective), but things don’t change overnight. What has happened in China in the last few decades has been more than impressive, so do not bet against things developing quickly in the future. If you are thinking of investing in Chinese real estate, the bargains tend to be outside the city centers but still close to centers of population. It is here, too, that anyone moving to the country and living there for the first time will best be able to acclimatise to the fascinating, unique nation that is China in the present day. Try one of the many Chinese real estate sites on the Internet to find out more.

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