Qatar is renewing efforts to make real estate more attractive to expatriate residents, foreign investors and real estate funds.
Event Location
Qatar , Qatar
Start Time
09 October 2020, 12:00 AM
End Time
31 October 2020, 12:00 AM
Qatar government has decided to allow foreign companies and individuals to own real estate in more areas in the country, liberalising rules to attract overseas funds in the sector as part of moves to diversify the economy.
A new law will add to the limited number of locations where non-Qataris can buy real estate outright, according to a statement this week. The country will also implement a two-tiered residency program that rewards large investors with government-provided services.
Non-Qataris can own and use real estate in 9 areas (freehold) and they can also benefit from real estate in 16 areas (99-year lease). So, non-Qataris can own and use real estate in 25 areas of the country.
Buyers of a property worth 3.65 million riyals ($1 million) or more will be eligible for permanent residency, with benefits including health care and education – boons typically granted only to citizens and a tiny contingent of foreigners who’ve lived in Qatar for decades.
Qatar has been struggling with excess supply following a construction boom tied to the 2022 soccer World Cup, and property prices have slumped 26% since the start of 2016. Consulting firms estimate an oversupply of residential property reached 80,000 units at the end of the first half, with 7,250 more units expected to hit the market in 2020.
The country’s Minister of Commerce and Industry Ali bin Ahmed Al Kuwari said the new rules will benefit both domestic and international investors, and further boost the diversification of the economy.
The areas for 99-year use of real estate are:
• Msheireb (Area 13)
• Fereej Abdelaziz (14)
• Doha Al Jadeed (15)
• New Al Ghanim (16)
• Al Refaa and Old Al Hitmi (17)
• Aslata (18)
• Fereej Bin Mahmoud (22)
• Fereej Bin Mahmoud (23)
• Rawdat Al Khail (24)
• Mansoura and Fereej Bin Dirham (25)
• Najma (26)
• Umm Ghuwailina (27)
• Al Khulaifat (28)
• Al Sadd (38)
• Al Mirqab Al Jadeed and Fereej Al Nasr (39)
• Doha International Airport area (48).
The areas covered by free ownership in this decision are:
• West Bay area (Legtaifiya)
• the Pearl District
• Al Khor Resort
• Al Dafna (Administrative District No. 60)
• Dafna (Administrative District No. 61) On
• za (Administrative District)
• Lusail
• Al Kharaij
• Jabal Thailab.
Ownership has also become available in commercial malls and units in residential complexes in all regions of the country.
Qatar property news 2020 foreigners property law Qatarnew property law non-qataris
