@Rene Benitez - Bad bad bad idea. You're better off buying a home in Detroit, MI.
Thanks Justin, Why is it such a bad idea?
@Rene Benitez - Its a country that you are not a citizen of. Nor do you have any family or connections there. What are you going to do when someone squats in your property and you are back in the US? How are you going to communicate with realtors, attorneys, etc. How are they going to get your money? I actually can't think of a single positive. Why don't you invest in the states? There are SO many opportunities here.....
terrible idea. just save your money and buy here.
OK thanks for the advice. The only reason I was considering that is because I will be renting when I move out there for up to 3 years so I was thinking about buying and then selling when it's time move out in order to keep some of the money I put into living there instead of paying for someone else's investment.
Does aor allow you to buy. I would talk to you housing office there. I was stationed there in 2010. Met my wife there.
I did look into starting a business there. All I ever heard is that you needed a citizen sponsor there. he will want the lions share of everything. I quickly learned that Bahrain is for Bahrainis. Ask immigrant workers.
Im sure there is some sort of SOPA agreement that conflicts with your idea. I vote bad idea, I think you could have made a killing with military members though.
I'm currently living in Bahrain as a US expat. Foreigners are allowed to own real estate in certain areas in Bahrain as stated in the link below from the Bahrain Ministry of Industry.
Having been here for a year, I would be hesitant to invest in real estate. Echoing what Troy said, rules and regulations here tend to heavily favor the locals citizens. However, if you could get a good deal on a purchase near the Naval Support Activity base that is certified for military rentals you could probably do alright. It's mainly a question of how much time you would need to spend to get up to speed on a new market and understand the nuances so that you can invest wisely.
I would say nothing is impossible. You will have to do the research and see if it all meets your criteria. That means you will have to have a criteria to meet. I would also venture as much to say that you will for sure need local guidance and advice. I'm sure you're not the first person to think of it. Its all just a matter of figuring it all out. I personally plan on one day purchasing property in Europe, specifically Germany. Everyone tells me its a bad idea and crazy expensive etc etc but they do not understand my motivation behind it. There are Americans all over the world who buy property. Cut your learning curve in half and find out who has done it there and what they recommend. The locals in the middle east do have a tight grip on the market but it is certainly not a closed market.
I'd rather buy houses in the US while you are stationed over there. We bought three new properties while we were on orders to the UK. We also did buy two houses in the UK. However, the local economy was doing well, the dollar to pound was favorable (we got loans from a local British lender), and we bought slight fixers to live-in and improve, with a goal of selling for a profit and making gains on the currency trade. We planned on renting to either locals or servicemen as our Plan B. There are a lot more moving parts when dealing with foreign governments, local economies, local demographics and currencies...and then with the IRS back home.
Hi, just saw your post. It is not a bad idea to buy a property there. Bahrain is an emerging real estate market and has many freehold areas in Manama, Muharraq, and other. Juffair is one of the freehold areas, I guess you know it.
Also another thing, starting a business in Bahrain doesn't need a sponsorship from a national, they have already changed the law enabling foreigners from starting and owning their business.
It's easy, you can find a reliable agent and they will handle all issues. I know a good one, Weetas. Check their website https://bahrain.weetas.com/
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing