The government of the State of Qatar recently announced that it will allow foreigners (including legal and natural persons or companies and individuals) to own real estate in more areas in the country in a bid to attract foreign investment to diversify the economy.
Qatari and non-Qatari citizens may own and use residential and non-residential properties in twenty-five areas (or in other words to own in nine areas and to use in use in sixteen areas) by the means of freehold and leasehold respectively.
The nine areas for freehold are West Bay (Legtaifiya), The Pearl Qatar, Al Khor Resort, Dafna (Admin District No. 60 & 61), Onaiza (Administrative District), Lusail, Al Kharaij, and Jabal Thuaileb.
The sixteen areas for leasehold for a period of 99 years are: Musheireb, Fareej Abdul Aziz, Doha Jadeeda, Al-Ghanim Al-Ateeq, Al-Riffa and Al-Hitmi Al-Ateeq, Aslata, Fereej Bin Mahmoud 22 & 23, Rawdat Al Khail, Mansoura, Fareej Bin Dirham, Najma, Umm Ghuwailina, Al Khalaifat, Al Sadd, Al Mirqab Al Jadeed, Fareej Al Nasr and the Doha International Airport area.
The government of the State of Qatar will grant the residency to owners and their families, who own property with a value of at least QAR 730,000.00 (USD 200,000.00) and a permanent residency to owners and their families, who own property with a value of at least QAR 3,650,000.00 (USD 1,000,000.00). The permanent residency includes benefits such as health, education and investment in some commercial activities.
It is expected that the decision will stimulate the Qatari real estate market and accelerate the economic development in the country.
Please click on the link and reach out to learn more about the latest changes in the Qatari real estate market as well as other initiatives of the most relevant stakeholders in the State of Qatar and Business Start Up Qatar.
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