When we talk about the largest continents in the world, Asia comes on the top. Asia consists of 48 countries with an approx population of 4.5 billion. People of Asia prefer a comfortable, affordable, and exhilarate lifestyle. There are few major countries like Russia, India, Saudi Arabia, China having a lavish lifestyle in the majority. They work hard and earn well to fulfill all the desires. Lavish lifestyle includes expensive Properties, Expensive Furniture, and Furnishing, Expensive Cars, Mobile phones, Gadgets, etc.
Buying properties in Asia is easy and affordable. Asian countries are seeing the biggest rises in GDP growth such as Vietnam, India, and even Cambodia. This makes investing in properties and potentially the currencies extremely lucrative as we have seen the example of China, which, over the last decade, made an average of 7%+ growth over the last 5 years.
The price range for properties is different in different countries depending upon the country’s GDP and other financial factors. But it is always affordable except for a few.
Contribution to GDP
The real estate sector is one of the most globally recognized sectors. It comprises four sub-sectors – housing, retail, hospitality, and commercial. Properties play a vital role in Asia and its GDP. There is a certain percentage of property income is contributing to countries’ GDP which is different from country to country. For example, India contributes 13% of the total GDP. In China, Real Estate contributes 12-14% to GDP. Russia contributes around 9%, Saudi Arabia contributes approx 10%, and likewise for all other countries.
When we decide to buy a property in Asian countries (Personal or commercial), there are thousands of broking companies and real estates are sitting in the market to make you reach the best out of all, which could be affordable and comfortable. First, they ask for your requirements and budget and then they show the best alternatives as per the requirement.
It is near to impossible to buy properties like plot, House, Flats, Villas, or commercials by own. We have to contact some broker for a reasonable and profitable deal.
One of the greatest benefits of living in Asia is, you have an option/opportunity to buy properties in other countries as well, with an easy-going process. Countries like Malaysia, South Korea, Taiwan, Japan, Singapore.
With its booming economy, natural resources, and growing population, Asia has captured the business world’s attention. In lots of countries, foreigners are restricted to buy land and properties but these countries have the vantage for foreigners to own a property. 390
Buying property is easy in Aisa but there are some basic requirements while you go for buying property.
- Must be earning – In case you are buying property against loans or credits, the first and utmost requirement is you must be earning so that you can pay off all the debts on time.
- Valid id and address proof – Another major requirement is you must possess valid identity and address proof for the documentation part.
- Income proof – if you meet the first point, you are supposed to show your proper income proof/salary slips/bank statements as per requirement.
- ITR Return in case of commercial – If you are going for commercial property, the buyer must be filing ITR return in past.
- Meet the Particular requirements – Every country has different requirement requirements and eligibility to buy a property in a peculiar country. You must meet those particular requirements to have a smooth deal.
Rest other rules and requirements differs from country to country.
Looking on the positive sides, buying a property in Asia is not a bad deal at all. Even if not in your own country than some other country depending upon your taste and requirements. Nowadays, property buying and selling is bread and butter to many people around us. They also generate profits by re-selling properties.