Real Estate In The Middle East

Written by Posted On Wednesday, 10 April 2019 01:13

Be aware that real estate is a major sector in the Middle East. In places such as Dubai, you are bound to meet people with different opinions on this market. Besides, each will tend to have a link to the market through assets directly or indirectly, or even as a homeowner.

However, this should not discourage you from testing these waters. This is because clients are many in this region and access to the clients is forward. The culture is also rich as you get to enjoy the unique Islamic fashion. Much of the real estate is also held by institutions. Some of the tips to help you in this market include:

• Regulation- The Middle East tends to be quite advanced when it comes to the regulation of the real estate industry. For instance, in Dubai, brokers will be protected by the law from losing commissions due to cutouts. Cutouts result as a result of tenants, landlords, seller, buyer, or even agent going direct to the recipient party. This way, they are exempted from paying commission.

The good thing is that there are training programs which are aimed at boosting the skills of brokers before they are given licenses. Another ideal thing with most regulations in the region is that you can also diversify into other areas of this industry. This includes engaging in additional activities such as valuations and property management.

• Timing- Note that in this region, there are a few times in the year where you will experience big wins. In this, your real agents are bound to do big deals and hence get big commissions. Such deals ease the pressure of your cash flows.

They also come in handy for motivating the employees. Besides, note that while the market has been slow in the past, it has been experiencing an upward trend since 2018. You are advised to have a track of market research reports so that you get real-time insights as to when activity is on an upward trend. This allows you to plan well and reap benefits.

• Gaining Trust- Note that globalization is slowly changing the Arabian countries. However, note that in order to have market power in the real estate in this region, you have to invest in inter-personal skills. In this, note that face-to-face meetings are encouraged. Communities in this region enjoy having small talks before engaging in business.

This is part of their unique culture to understand you on a friendly level. Ask them about their health, family or even general business. You are also bound to encounter the wasta system. In wasta, it is all about who you know and not what you know. This is a system of exchanged favors in the business community. If you are asked for a favor by a partner in business, strive to help them if it is within your reach. This way, your firm will thrive through good reputation.

From the above, it is clear that the Middle East is a perfect location to invest in the real estate. Apart from the profits that you will get, the good weather, wearing of Abaya, Hijab, burka or even kaftans will all be yours too.

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Word Smith Davis

I am an electrician, father of two cutie kids, love my wife, and live for my family. My work is my passion and have experience of many years in this field. 

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