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Real Estate in Lebanon has experienced some severe contrasting periods. In the early 90’s, the real estate sector pulled up the entire economy through intensive programs of reconstruction set by the government and other private institutions. New buildings were popping up across the whole country.

This positive impact of the real estate sector on the Lebanese economy was challenged during the last few years. The vast majority of residential buildings that were constructed during the last ten years were aimed at high-end customer’s level coming mainly from the Gulf, while internal demand was oriented towards medium standing apartments and properties. Since the external demand, mainly coming from Arabs in the Gulf region was increasing in volume, this has led to a sharp increase in real estate prices. This is not anymore the case especially for the last couple of years. The external demand has stabilized adding to that the government endorsement of laws limiting the percentage of properties that can be sold to foreigners. The real estate market is not flooded by liquidity as it was the case few years ago, and prices are expected to stay stagnant at least for the coming two to three years. Many positive signs are emerging in this period.

The real estate sector is being managed now by more professional institutions. This represents a major switch for this industry where traditionally families run mainly this sector. The best illustration is that investors are now conducting market research and feasibility studies prior to actual constructions. This was not the case 10 years ago.

Another positive sign is the return of international investors to downtown Beirut. Virgin, Ericsson and almost all financial institutions in the country have their headquarters there. The major effort that has been made by the country to attract investors is now bearing fruit.

This success is not surprising; Lebanon has many benefits for large corporations. Its location makes it an ideal gateway to the Middle East and the quality of life can meet the expats’ expectations and facilitates their implementation.

Beyond that, the banking laws are favorable for foreign companies wishing to locate in the region. The future may be considered as promising. Several major projects are now under construction. In Beirut downtown, a chain reaction is expected and which can be explained as follows: the more the number of multinational companies move to downtown Beirut, the more the multinational companies will want to locate their offices there. This is not just applicable to the city center; this fact also affects the surrounding neighborhoods.

The real estate market in Lebanon has experienced as well a dramatic rise in terms of the investments that have been injected into it. These investments come from Arabs, expatriates, and foreign investors.

Across the whole Arab region, the real estate sector in Lebanon has received the majority of Arab and foreign investments with a big boost in demand on the it properties in Lebanon.

The real estate market in Lebanon was the primary recipient of all Arab investments and constituted 80 percent of such investments.

Beirut, once considered the “Pearl of the Orient” is now ranked the most expensive city in the Middle East and Africa, ahead of Dubai, Istanbul and Johannesburg.

Cosmopolitan on one hand and traditional one the other, this place certainly delivers what it promises. One of the hottest vacation destinations in the world, it isn’t hard to find cheap flights to Dubai. A vibrant metropolis with an imposing skyline and a fascinating charm, the city is undoubtedly one of the jewels of the Middle East. An established trading and commercial hub of the continent, an attractive leisure hotspot, and a place with well-preserved heritage, Dubai enjoys a rather varied reputation.

Taking a trip to Dubai can be easily compared with riding on a time machine. Replete with various historical landmarks, archeological sites and many places of cultural importance, exploring the city is like a journey through time. Dotted in and around Dubai you’ll find numerous examples of its glorious past, such as the Dubai Museum that houses hundreds of artifacts, Hatta Heritage Village, Burj Nahar, Philately House, House of the Camel, House of the Horse, Sheikh Saeed’s House, Al Fahidi Fort, Sheikh Saeed Al Maktoum House, and Al Ahmadiya School & Heritage House. Dynamism is what you find in every nook and cranny of the Dubai, be it the chromatic life size dioramas vividly depict everyday life before the discovery of oil, art allergies and exhibition centers recreating scenes from the Creek, traditional Arab houses adorning the lanes and alleys of the city, mosques and old souks, date farms, and desert and marine life. Things like sunshine, shopping, seaside fun and adventure sports, you’ll find it in great abundance. Being on the crossroads of Asia, Europe and Africa, Dubai is rather situated well to attract visitors from places far and wide. A spectacular city, Dubai is where the conventions of the past meet and amalgamate with the comforts and offerings of the west beautifully.

Catering every kind of palate and impressing even the most discerning tourists, Dubai is laden with landmarks and sites that are worth drooling over. Take a trip to Burj Arab, the iconic symbol of Dubai, enjoy ecotourism at The World, visit Dubai Marina, see the city in its high-tech avatar at the Dubai Internet City, witness total entertainment at the Dubailand, reserve an entire day to spend at the largest shopping mall of the world, the City of Arabia, experience what state-of-the-art means at the Dubai Sports City, ride the Dubai Metro, get an aerial view of the Dubai standing atop Burjkhalifa, or take a pick from visiting Palm Trilogy, Atlantis, and the Business Bay. The emirate boasts of a dazzling nightlife, an elaborate wining and dining scene and revelry beyond compare. Enjoy a candle-lit dinner at a fancy restaurant, dance the night away at the thumping nightclubs, enjoy lively conversations at one of the various elegant cafes, or a few rounds of drinks at any of the several glitzy pubs and bars. Loaded with luxurious accommodations and cheap hotels alike, Dubai welcomes one and all.

Dubai is a remarkable holiday destination and offers a variety of sightseeing opportunities. Dubai has Islamic traditions however Dubai also offer a way of life that is similar to other cosmopolitan cities around the world.

A great place to start of your Dubai sightseeing rounds is a visit to the famous Jumeirah Mosque. This Dubai Mosque is widely regarded as the premier example of modern Islamic architecture and the way it has integrated into society.

The Jumeirah Mosque is very recognizable due to its two remarkable minarets. The Jumeirah Mosque also has an exquisite dome which is extensively photographed by the many tourists that visit the famous Dubai Mosque each year.

The Sheikh Saeed’s House is another must on any Dubai sightseeing schedule. The Sheikh Saeed’s House is located near the shoreline of Dubai.

This Dubai landmark was constructed so that the Sheikh who rules this Emirate at the time would be able to have a better view of all shipping and trading that occurred in the area.

Sheikh Saeed’s House is a remarkable building which offers one of the finest examples of local Dubai architecture.

Bastakiya is one of the oldest quarters of Dubai. It is extremely interesting for tourists as Bastakiya offers tourists to experience and witness how Dubai was in past times. No modern shopping malls and large office buildings can be found in this region of Dubai which gives this section of Dubai a sense of authenticity.

The Al Fahidi Fort is located within the Bastakiya area of Dubai and this fort offers the largest selection of typical Dubai courtyard homes that have windtowers.

These special Dubai windtowers acted as a type of Air-Conditioning as the cold breeze went into the wind towers and the breeze was directed into the rooms of these Dubai houses.

The Dubai Museum is a great place to visit and should really be visited by every tourists visiting Dubai. The Dubai Museum is one of Dubai’s tallest buildings and is in fact located within the Al Fahidi Fort.

The Dubai Museum was originally built as a palace for the local rulers at the end of the 18th century. The beautifully designed building has since served many purposes as it has also serves as a jail and an army base.

Visitors can witness scenes from a variety of historic events as well as impressions of everyday life in Dubai which includes the Dubai Mosques, pearl diving and the variety of architectural styles which one can encounter in Dubai.

The tourism industry has become the second largest economically lucrative market for Bermuda. On top of this, the financial boom for Bermuda is sustaining due to the low direct taxation on the corporate or personal income.

Even though the financial aspects are pretty much positive for Bermuda, but accommodation has become an issue for the locals. For this reason, the Bermudian listings market is not so attractive for the international real estate. The Bermudian rentals are pretty attractive for the buyers as the figure rounds about to $2.6 million for an average property with a minimal tax of 22 percent. The total amount stands at $3 million which is cheaper in comparison to the international rentals. But this price is completely ruled out as the Bermudian real estate for sale is pretty much preserved for the housing and accommodation of Bermudian only. Due to this situation, the international listings and international exchange of Bermuda are owned by the Government in order to regulate and limit the foreign ownership of the land.

The real estate in Bermuda is suffering in terms of the foreign occupation because Bermuda measures 2 miles wide and 22 miles long. The land area for Bermuda is only about 21 square miles which makes only one-third of Washington DC size. The Bermudian land barely provides accommodation to its 66,000 citizens. So this leaves no room for the non-Bermudians. Although there are about 37% of the non-Bermudian who hold the property in Bermuda, this trend has been limited in order to create more opportunities for the local people.

To restrict the Bermudian market only for the local people, a law was introduced according to which if a person is not a Bermudian, then he or she is restricted. If still a person wants to be native of this country and buy a property, then he or she will have to marry the opposite sex and remain married for at least 10 years. In addition to this, Bermudian for sale restrictions have been issued which include the following points:

1) As per the Bermudian law, the local Bermudian could transfer or sell the property to other Bermudians only.

2) Non-Bermudians are allowed to sell their property to other non-Bermudians or Bermudians.

3) There is a limited value of $2 million fixed for non-Bermudians and they cannot buy any property under this value.

4) Raw land purchase is prohibited to non-Bermudians.

5) The restricted person mentioned in the above law includes corporations, trusts and partnerships.

6) If a non-Bermudian owns a property, he should not think of it as a path to citizenship.

Real estate in Bermuda is no wonder a treat for everyone, but the limitations and structure of this island sure makes a difference.

The UAE banking sector is still in recovery stage, post the 2008-09 real estate crisis in Dubai. However, the financial performance of the banks has stabilised especially over the past couple of years. The UAE banks, particularly Dubai based banks, are facing asset quality challenges, as reflected in their high proportion of non-performing loans and low level of provisions. On the other hand, Abu Dhabi based banks appear relatively less challenged from these issues due to their relatively lower exposure to real estate and higher exposure to oil based industries, which did well amid favourable oil price environment.

The key concerns related to the UAE banks include i) concentration in loans and deposits, ii) high proportion of related party exposures, iii) limited data transparency/availability, and iv) stiff industry competition. Moreover, the performance of the UAE banks has been constrained by the still recovering real estate and construction sectors. Although the banks maintain a strong presence in their local markets, the banking sector has limited diversification and displays concentration in terms of geographies, products, and customers.

That said, most of the UAE based banks benefit from strong ownership structure backed by local governments. In addition, most of these banks are in the process of restructuring their problem loans. The economy of Dubai has shown encouraging growth in the past two years. All key sectors of the economy including real estate, trade, tourism, and services have shown a considerable improvement. The improved performance of the core sectors would result in re-classification of some of non-performing loans as performing loans, which would reduce stress on the banking sector in the medium term.

Recent political unrest in some countries in the MENA region has benefited UAE, owing to its safe haven status in the region. Dubai has strengthened its position as a regional financial hub and has become a key channel for investment across the MENA region. This has directly helped local banks. The key characteristics of the UAE banking sector are as follows.

i) Strong links to local governments: The UAE banking sector has been strongly dominated by the governments of Abu Dhabi and Dubai. The ruling families are also actively involved through their investments in the country, typically through their holding companies. The government’s significant involvement in the UAE banking system proved beneficial during the global financial crisis. The authorities responded quickly when needed and supported local banks in 2008 and early 2009. The UAE Central Bank has provided liquidity support as well as deposits to banks in the past to alleviate funding pressure. Markets expect a continuous support to the UAE banks from local governments in future, if needed.

ii) Strong capitalization: The UAE banking sector exhibits a very strong level of capitalization. Its capital levels are supported by consistent profitability, strong earnings retention, and equity injections from the government in times of need. Total capital adequacy ratio of the sector has exceeded 20% over the past three years, the highest in the Gulf Cooperation Council countries. However, the high capital levels are also justified by some banks’ high share of non-performing loans, which requires a higher level of capital than the average.

iii) Weak asset quality: The UAE banks are challenged by weak asset quality. Most of the banks based in Dubai have shown very high level of non-performing loans and insufficient provisions. Moody’s expects non-performing loans of the UAE banks to remain in 10%-12% range in 2013. The agency also stated that despite recovery in core industries, the non performing loans are unlikely to reduce rapidly in the medium term due to banks’ large exposure to troubled borrowers, especially in the real estate industry.

iv) Dependence on oil prices and global macro-economic conditions: The performance of the UAE economy, especially Abu Dhabi, largely depends on oil prices. Any sudden fall in oil prices could result in lower public spending by the Abu Dhabi government. This could impact the performance of Abu Dhabi based banks, which have largely been involved in financing government directed projects. Also, in the event of a sharp decline in oil prices, the resulting economic downturn may further impact lending activities of the banks. On the other hand, Dubai largely derives its growth from real estate, trade, tourism, and services industry. The performance of most of these sectors is linked to global economy. Any deterioration in global macroeconomic environment would directly impact Dubai’s economy and its banking sector.

v) Limited credit differentiation: It is hard to differentiate between UAE banks just by looking at their credit metrics. Most of these banks are closely linked to local governments. The differences in asset quality and franchise value are the only primary distinguishing factors for the banks in the country.

vi) High competition: The UAE is an overbanked region. There are 51 banks currently operating in the UAE. This has resulted in stiff industry competition and has pressurized net interest margins of the banks.