The real estate sector is one of the most lucrative anywhere in the globe. There are so many contracts and deals in the property development niche that more people are showing interest and joining daily. However, the rules that govern property development vary from country to country. There is no universal rule that applies to how property development is handled all over the globe. This piece is going to shed more light on how this is done in different places.
Also known as real estate development, property development is a kind of business that involves several things such as the renovation of old buildings to the acquisition of undeveloped land to the sale of developed real estate and others. When it comes to prospects for success in property development and having the right investment properties for sale, there are remarkable differences in countries.
For anyone interested in making a reasonable mark in the property development niche, there are some parameters they have to watch out for. The first of these is political stability, but the irony here is that you stand to gain more in terms of profit from countries with political instability or one that is about to witness a revolution. This is why Cuba remains in the sight of many property developers. They believe that once the Communist regime of the Castros collapses, it is going to usher in a kind of new boom in the real estate market.
Cuba is an example of a country where much of the property development is centralized in government hands. Hence, efficiency is not at its highest. For those who want to invest in such a niche in this country, there is a lot of bureaucracy, and many get frustrated that they give up altogether. But for those who can wait and observe the political changes of Communist regimes to democratic ones, there are huge potentials for gain. The same scenario played out in Albania when it dropped communism for capitalism.
On the end of the spectrum are countries that are very open and transparent when it comes to property development. These countries actively encourage foreign investors to bring resources and invest in the real estate development niche of their nations. A very good example of this is the United Arab Emirates. In a country like the United Arab Emirates, you can practically open your own property development business in a matter of days and establish your venture.
Such countries have very liberal and welcoming policies when it comes to the real estate development sector of their economies. Another country that holds a lot of potentials when it comes to this same niche is the Federal Republic of Nigeria. Located in West Africa, this is one country that has millions of hectares of land that have not been developed. The government has embarked on an investor-friendly policy of inviting everyone who wants to invest. So on the whole, the way countries deal with property development depends mainly on the policies that have been put in place by the government and this varies from liberal to restrictive.