The property market in the United Arab Emirates (UAE) has started to recover and present a more appealing option for potential investors, according to BuyAssociation editor, Paul Collins.
It was the UAE's housing prices that were among the first to be hit when the global recession struck, but the market is said to be showing signs of recovery due to the country's growing image as one of the commercial and industrial centres of the world.
Taking into account the growing eurozone crisis, Mr Collins says people will inevitably be put off investing in Europe due to what they see in the news.
Indeed, research from PrimeLocation.com shows searches for properties in Spain dropped by 15 per cent in the last three months of 2011 when compared to the preceding three - a clear indication of the waning appeal of European markets.
With investment in areas outside Europe now seemingly more attractive, many could be on the lookout for holiday home insurance deals should they be making new acquisitions in more distant regions.
PrimeLocation's study also found that searches for property in the UAE increased by almost 50 per cent in the last quarter of 2011, representing a significant shift in the foreign markets that people are now looking to get into.
Signs of recovery in the UAE are the resumption of building projects that were halted when the global crisis was at its worst, according to Mr Collins, who says that the market is particularly attractive to medium and long term investors.
For those that are drawn by the positive indicators in the UAE market, ensuring the physical maintenance of long term investments is important, especially in a country over 4,000 miles away; second home insurance could become key in such instances.