Properties for sale are in high demand in the real estate market in Qatar for the past 48 months. This is according to Property Finder Qatar, a real estate marketplace.
The Ministry of Justice’s Quarterly Real Estate Bulletin revealed that there are 1,251 real estate sale transactions that took place during the first quarter of the year worth QR4,859,712,958, “which is a clear indication that real estate investment in Qatar continues to gain traction,” Afaf Hashim, Property Finder Qatar Country Manager told The Peninsula.
This demand is attributed to the new foreign property ownership and investments law and benefits that the government has announced, and the increase in the areas that foreigners are now allowed to invest in, explained Hashim.
“Qatar is a competitive and affordable real estate market within the region and is attractive to foreign investors who can attain permanent residency if they own or rent property valued at QR3.7m ($1m) or more and benefit from free healthcare and free education.”
In a separate interview with The Peninsula, Skander Ben Legha, Co-Founder of Feel Home Properties Qatar, expressed a similar viewpoint. “The sales transactions of properties are showing good numbers compared to the previous period, and the market is generally stable. We are also getting a lot of calls for short-term leasing as the World Cup nears, we have rented at least 50 apartments for the event as of September.”
Foreign individuals and companies are allowed to own real estate in the country. Non-Qatari individuals could own a property in the country’s nine areas covered by freehold ownership, including West Bay area (Legtaifiya), The Pearl-Qatar, Al Khor Resort, Dafna (Admin District No. 60), Dafna (Admin District No. 61), Onaiza (Administrative District), Lusail, Al Kharaij, and Jabal Thuaileb.
According to the Ministry of Justice, there are two categories under Non-Qataris’ real Estate Freehold granted benefits. First is when a real estate purchase is valued not less than QR3,650,000, “the owner of the real estate shall get the privileges prescribed for holders of the permanent residency card (healthcare, education and investment).”
Second category — a foreign individual who owns a property worth QR730,000 can obtain a residency permit, as well as their families, without a sponsor needed by an employer.
Among the areas which according to Legha will attract foreign investments are Lusail City, Quetaifan Island and Gewan Island.
“These major cities are under development now are gaining a lot of interested buyers because of its luxurious offerings.”
Hashim also noted that the real estate sector is “expected to continue to perform well in the coming years supported by a well-regulated environment, a comprehensive stock of quality and luxury properties, and the increasing availability of affordable mortgage schemes.”
When asked about the future of the real estate sector after the FIFA World Cup Qatar 2022, the country manager said: “We can also safely assume that investment will continue as Qatar realizes its National Vision 2030 objectives, prepares to host the 2030 Asian Games, and hopefully, is successful in its bid to host the 2027 AFC Asian Cup.”
“Qatar real estate market has shown its stability and strength during the blockade and the COVID-19 pandemic. And post World Cup, it will be much stronger, attracting foreigners to invest in Qatar,” said Legha.
