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Simeon Mitropolitski is a Canadian analyst, of Bulgarian origin, and a former syndicated columnist with the Bulgarian News Agency (BTA). He is the author of several hundred articles dealing with hot political and economic topics, both national and international.
He was part of the first group of Bulgarian intellectuals and students that began the opposition movement that finally put an end to the communist regime in this country in 1989, and in 1996-1997 participated in international observation teams during the elections in several Balkan countries - Romania, Albania and Bulgaria.
In 2002 Simeon and his family moved from Bulgaria to Canada where they live now in Montreal, province of Quebec. Simeon is a Master of Political Science from McGill University and a B.A. of Political Science and History.
Global Real Estate Project
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UAE: Freehold rights keep spreadingSince 2002 foreigners have been given freehold rights on certain categories of residential and commercial properties in Dubai, economically the most advanced part in the United Arab Emirates. Since then other emirates have followed its example. As a result the number of foreigner buyers and foreign real estate investors have skyrocketed. Some even predict that the market may be flooded with properties that may lead to certain depreciation of prices. Easing further on the regulations for doing business can disapprove these doomsday scenarios. The economic diversification we observe in some parts of the UAE can lead to completely new type of Middle Eastern economy and society, one based on high technologies and services. Dubai has always been considered as the leading economic power of economic diversification within the UAE. So it wasn't surprising when in 2002 it was the first among the emirates, which allowed foreigners to buy for life certain residential and commercial properties. The success of this policy was so amazing that other emirates quickly followed suit. The emirate Ra's al Khaymah allowed freehold for units in several newly constructed residential and seasonal vacation developments. The emirate Ajman also offered freehold for several new development projects, including residential and commercial properties. The other emirates are so far more cautious. One possible explanation is that they all expect a federal law to establish common regulations for foreigner's freehold rights. Such federal law is expected to take effect by mid-2006. It's expected that this law will give additionally foreign owners and their families opportunities for permanent residence permits. It isn't surprising the caution with which in the UAE have moved toward allowing foreigners freehold on real estate. What's surprising is that they have made this step given the traditional culture of the hosting society. In nomadic societies in which land is usually associated with desert, paying for life for well-delimited piece of constantly moving dunes is something that can make even the smartest people perplexed. For such societies this move is real revolution in thinking, not less important than to think the Earth as a sphere that turns around the sun. As the other emirates are moving slowly toward this revolution in thinking, Dubai is facing perhaps its first crisis of market oversupply, at least for some segments of the market. So many new residences can flood the market of not so many new residents. Given that many of these new giant projects are already near completion, the only way of solving this problem is by allowing additional foreign companies to start business and to absorb the extra properties. Dubai by all measures is capable of doing this new step of turning into high technology and service hub of the Persian Gulf.
United Arab Emirates profile: --------------------
See also the directory of companies providing real estate services in, and general real estate information of United Arab Emirates.
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