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Updated Daily: November 2008

 
  Columns > Khalil & Kane > Market Overview: Luxury Real Estate in the Middle East

   Published in: March 2007
 
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Despite the turmoil surrounding the Middle East, the region is currently experiencing a boom in property developments. With beautiful scenery contrasting land and sea, it is difficult to reconcile this region with the political conflict for which it is known.

Among all this unrest however, there are still places that offer luxury, such as Qatar, Bahrain and Dubai. Luxury property in the Middle East is in high demand and real estate analysts are predicting a boom in this region’s property market over the next five years. With expatriates from all corners of the world making the Middle East their new home, the region is becoming truly cosmopolitan.

 
 

Bahrain, one of the areas proposed as the location of the biblical Garden of Eden, is one of the oldest inhabited regions of the world. The city has benefited largely from the Lebanese civil war, as it replaced Beirut as the Middle East’s financial hub.

Today, Bahrain is the home of Formula One racing in the Middle East and hosts many other grand prix races. This region is, politically speaking, relatively stable and has maintained good relations with the US.
 
“There is currently strong interest in buying property in Bahrain, with the laws having recently been changed to allow foreigners to buy freehold.”
 
 

There is currently strong interest in buying property in Bahrain, with the laws having recently been changed to allow foreigners to buy freehold. With the recent unveiling of plans for the building of the US$150 million Infinity Tower development, Bahrain has become a hotspot for luxury property. The tower, estimated for completion in 2008, will feature 350 luxurious apartments, as well as shops, restaurants and access to a private beach. It is expected that this development will redefine the standards of luxury high-rise living in Bahrain.

Bahrain’s luxury market is relatively immature, but developers are confident that Infinity Tower will fill an important niche in the market. There is also a lot of activity happening on the islands around Bahrain, encompassing villas and apartments developments.

 
 
 
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