Worldwide Real Estate Market
Look at this new direction foreign markets are moving in!
Excerpted from The Wall Street Journal, Wednesday, 29 April 2009
Some Nations Make It Easier for Nonresidents to Buy Property
Qualified buyers willing to pay $2 million to $25 million for a lot in Mr. Johnson's Oil Nut Bay,
an 88-home, low-density development under construction in Virgin Gorda,
will benefit from a new 90-day automatic approval for a landholder
license.
As
property markets fall world-wide, one of the few consolations for
real-estate investors is that some governments have become more open to
nonresident property owners. A growing number of them are considering
loosening or temporarily suspending foreign property-ownership
restrictions in a bid to stimulate their real-estate markets. In
January, for example, Beijing issued a one-year suspension of a one-year residency requirement for foreign nationals buying a house.
The Cayman Islands and Australia have also recently loosened their rules. Meanwhile, the issue is being discussed in numerous other countries, including the Philippines.