Libya attracts UAE property investment firms
November 20, 2008 by OPPE News
Middle eastern property investment experts could look to Libya after a report suggested the state is set for a huge growth period.
Research firm Frontier said 25 large-scale projects are either under construction or at the planning stages in the capital Tripoli.
The company has produced a unique study on the country, interviewing developers, officials, investors and estate agents.
The result is what Frontier says is the first “off the shelf” study of the Libyan real estate market.
Frontier said: ”
With Libya emerging from years of isolation into one of the most exciting prospects in the middle east-north Africa region, the country has already attracted interest from a number of regional developers.”
It lists Hydra Properties and Al Maabar as two UAE developers already looking to make a move in the country.
According to the report, demand for property in Lbya is outpacing supply in virtually all sectors of the market.
Local incomes are on the up and the private sector is experiencing a surge, driving up interest in new residential units.
Libya has also been on a drive to improve its relations, having been removed from America’s state sponsored terrorism list in 2006.
It is also a non-permanent member of the UN Security Council, having been voted on in 2007 in what was seen as a landmark moment for the state.
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