Investing in Qatar’s real estate more lucrative than ever
(MENAFN – The Peninsula) Sachin Kumar / The Peninsula
The reforms in the real estate sector in Qatar have made it more attractive and lucrative for investors. You can now invest in a wider range of properties and in more territories, Sheikh Ali Alwaleed Al Thani, chief executive officer of Qatar’s Investment Promotion Agency, said in a webinar yesterday.
‘Thanks to 2020 Council of Ministers’ decision No. 28, the country will see a shift in the development of its real estate sector. Investing in Qatar’s real estate market is now more lucrative than ever under this law, said Sheikh Ali Alwaleed Al Thani.
The Qatar Investment Promotion Agency (IPA Qatar) organized a webinar on real estate reforms in Qatar in collaboration with the Ministry of Justice (MoJ), Ministry of Community and Environment (MME), Qatari Diar, UDC and Sotheby’s International Realty.
‘The number of spaces available to international investors to own and use real estate is now up to 25. Ownership of freestanding units in residential buildings and shopping malls across the country has now been allocated and is now permitted, allowing for a wider range of properties and in more areas, he said.
Last year, Qatar allowed foreigners to own real estate in more areas of the country. Cabinet Resolution No. 28 of 2020 provides permanent residency to non-Qataris on condition that QR3.65 million (US $ 1 million) is invested which includes the benefits of healthcare, education and certain commercial facilities
Additionally, property owners no less than QR730,000 ($ 200,000) have the benefit of living for themselves and their family for the duration of their property.
“The two-tier residency program, with first-time coveted benefits including free education, health care and investment in commercial activities, is now being allocated to property investors investing up to a million dollar equivalent in their properties,” said Sheikh Ali Alwaleed Al Thani.
“Reforms like these bring progress on several other fronts. This further enriches Qatar’s overall value proposition for investors and individuals. It keeps pace with the economies of the countries and opens new horizons for strategic investment and partnership opportunities in the real estate sector with local and international companies, he added.
Despite the outbreak of the COVID-19 pandemic, the real estate sector in Qatar has done an impressive job. The number of real estate transactions rose by 35 percent last year, as 5117 transactions were registered in 2020, compared to 3783 in 2019. The value of real estate transactions rose from QR 22.7 billion in 2019 to QR 31 billion a year 2020.
‘The procedures are streamlined and the benefits can be used. There are 15 real estate centers across the country for registration and documentation services. There is a dedicated section on the Ministry of Justice’s website to facilitate access to relevant data and forms.
You can usually complete a transaction in 10 to 15 minutes. With fast delivery and residency claims that can be processed in just a few days. The prospects for the real estate investment sector are very good, he added.
Officials from the Department of Justice, Department of Community and Environment, Qatari Diar, United Development Company (UDC) and Qatar Sotheby’s International Realty also spoke during the webinar.
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