The reforms in Qatar’s real estate sector have made it more attractive and lucrative for investors. They can now invest in a more diverse range of properties and across more areas, said Sheikh Ali Alwaleed Al Thani, Chief Executive Officer, Investment Promotion Agency of Qatar, addressing a webinar, yesterday.
“Thanks to the council of ministers decision number 28 of 2020 the country is about to witness a shift in the development of its real estate sector. Investing in Qatar’s real estate market now is more lucrative than ever after this law,” said Sheikh Ali Alwaleed Al Thani.
Investment Promotion Agency of Qatar (IPA Qatar), in collaboration with the Ministry of Justice (MoJ), the Ministry of Municipality and Environment (MME), Qatari Diar, UDC, and Sotheby’s International Realty organised a webinar on Qatar’s real estate market reforms.
“The number of areas available to international investors’ ownership and use of real estate now is up to 25 areas. Ownership of detached units in residential compounds and shopping malls throughout the country has now been allocated and is now allowed that gives a more diverse range of properties and across more areas,” he said.
Last year, Qatar allowed foreigners to own real estate in more areas in the country. The Cabinet Resolution No. 28 of 2020 offers non-Qataris a permanent residency under the condition of investing QR3.65m ($1m) in which it includes the benefits of healthcare, education and certain commercial
activities.
In addition, owners of properties worth no less than QR730,000 ($200,000), will have the advantage of residency for themselves and family for the duration of their ownership.
“The two-tiered residency programme with coveted benefits for the first time including free education, healthcare, commercial activity investment is now allocated to real estate investors who invest upto a million dollars equivalent in their properties,” said Sheikh Ali Alwaleed Al Thani said.
“Reforms like these bring progress in several other fronts. It further enriches Qatar’s overall value proposition to investors and individuals. It keeps pace with countries economic development and opens up new horizons for strategic investments and partnership opportunities in the real estate sector with local and international firms,” he added.
Despite the outbreak of COVID-19 pandemic, Qatar’s real estate sector has delivered an impressive performance. The number of real estate transactions increased by 35 percent last year as 5117 transactions were registered in 2020 compared to 3783 in 2019. The value of real estate transactions increased to QR31bn in 2020 from QR22.7bn in 2019.
“Procedures are streamlined and benefits can be reaped. There are 15 real estate centres across the country for registration and documentation services. There is a dedicated section on the Ministry of Justice website to facilitate access to relevant data and forms,” he said.
“You can complete a transaction in typically 10 to 15 minutes. With fast delivery and residency claims that can be processed in only few days. The outlook for the real estate investment sector is very bright,” he added.
Officials from Ministry of Justice, Ministry of Municipality and Environment, Qatari Diar, United Development Company (UDC) and Qatar Sotheby’s International Realty also expressed their views during the webinar.
