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Updated about 9 years ago,
Flipping and Investing in Abu Dhabi---is this even possible?
In the next few months I will be making the grand journey to the United Arab Emirates, specifically Abu Dhabi, for a contract that will last for at least 2 years. While I am there I would like to flip and/or buy and hold properties to add to my portfolio, which is completely empty, because I'm as new to the game as a defenseless baby seal. What I'd love to know is how "usufruct" and "musataha" rights or leases, translates to me, the expat investor wannabe. I know I should speak with an attorney, and I would honestly want to wait until I'm physically in the country to consult one, as the online part is sketchy and unreliable (or so I've heard). What I have gathered from just about 10 internet searches, the aforementioned rights or leases are applicable dependent on whether I plan to buy an "off plan" or "resale" property. I won't pretend to know what exactly either of them mean. Basically, for an expat investor, is this sort of thing even feasible? Has anyone done this successfully? Any insight or advice? Opinions?
Thanks,
Michael