In a move to draw more investment into real estate sector in Qatar, the Qatar Cabinet has announced that it would identify and open several new areas eligible for full foreign ownership.
Last year, Qatar passed a law that permits greater foreign ownership of its real estate sector, but, the details of how and where it would be applied were unclear, and so far only a small number of areas are open for foreign ownership.
As part of the 2018 law, Qatar Cabinet revealed that it would identify 10 locations eligible for complete foreign ownership and 16 could be held for a period of 99 years. But, the details of the locations are yet to be revealed.
The rentals in real estate sector in Qatar have dropped by 20 percent over the past three year, due to the oversupply associated with rush of construction, prior to the 2022 World Cup.
Further, the protracted dispute between Doha and its neighbouring nations also made it tough to lure potential foreign investors of residential or commercial space.
The new cabinet decision allows non-Qataris to be permitted to own villas within residential complexes and shops in commercial complexes.