Property for sale in Yemen
Yemen is a state located at the southern end of the Arabian Peninsula; its official name is United Republic of Yemen. The capital is Sana'a. It borders the Arabian Sea, the Gulf of Aden and the Red Sea and to the east with Oman and to the north with Saudi Arabia.
If you want to buy a property for sale in Yemen you should know that Yemen is one of the least developed countries in the world and is the poorest country in the Middle East.
Yemen was once divided into two countries: northern Yemen and southern Yemen. The two countries were unified in 1990 as the Republic of Yemen.
After the unification, a southern secessionist movement broke out, but in the end it was subdued. Tensions persist between the north and the south; some southerners declare that the northern part of the state is economically privileged.
The Yemen Investment Act was updated in 2002. The new law says that foreigners can own land and real estate. On the other hand, the new law has inconsistencies. According to the law of 2002, foreigners can own 100 % of the land and can execute projects without a Yemeni agent and without obtaining import or export licenses from the Ministry of Industry and Commerce. But this is contradicted by the commercial law, which limits foreign ownership to 49%. So before buying a property for sale in Yemen it is important to speak with experts and to pay attention.
Sana'a, its capital, has in recent years experienced a massive program of modernization of infrastructure in which roads have been expanded and public service networks have been modernized. However, the current urban structure of Sana'a and the lack of transparency continue to challenge the rapid growth of the city and result in an inefficient low-density sprawl and the
propagation of informal settlements. This fact has not prevented Gulf developers from investing and purchasing properties for sale in Yemen, which is perceived as a virgin land full of undiscovered investment opportunities
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