Whether locals or foreigners, Qatar, one of the wealthiest countries in the world, offers excellent investment scope for real estate investors. The middle-east region is often overlooked when it comes to property investments, but properties for sale Qatar get clients from everywhere. In fact, of the total 2.169 million people in Qatar, 85.7% are expats.
Given its excellent economic prospects, every year, thousands of people move to the Emirate state from all over the world. Such a massive influx of people requires infrastructure to support their living. As a result, the property market in Qatar has high profitability potential.
To answer the question, yes, buying property in Qatar is worth every penny. As a Qatar real estate company, we have helped investors find highly profitable property investments. Anyone exploring options to buy property in Qatar will benefit from this post.
Qatar opens its property market to foreign investors
In the wake of the FIFA World Cup 2022, Qatar has been taking steps to boost its tourism industry as part of its attempt to diversify the economy and not rely on its oil reserves only.
The football tournament will put Qatar on the world map and provide it with an opportunity to show the world what it has to offer. The event has also increased demand for secondary homes and rental and commercial properties.
Recently, Qatar opened its real estate market to foreigners by offering citizenship to expats who invest in property here. The new legislation on foreign ownership of real estate was introduced in October 2020. The policies in this legislation favor foreign investors and allow them to own or lease a property.
Previously, there were only three areas where foreigners could own a freehold property, like buy a house for sale in Qatar. But now, there are nine regions where foreigners can own freehold properties. These are:
- Al Dafna
- Al Khor Resort
- Al Qassar
- Al Wasil
- Jabal Thaileb
- Khraij
- Onaiza
- Qatifiya West Bay
- Rawadat Al-Jahaniyah
- The Pearl
If you are interested in leasing properties for sale Qatar, these are the 18 areas that allow foreigners to lease real estate:
- Al Khalaifat
- Al Mirqab Al Jadeed
- Al Sadd
- Al-Ghanim Al-Ateeq
- Al-Riffa and Al-Hitmi Al-Ateeq
- Aslata
- Doha International Airport area
- Doha Jadeeda
- Fareej Abdul Aziz
- Fareej Al Nasr
- Fareej Bin Dirham
- Fereej Bin Mahmoud 22
- Fereej Bin Mahmoud 23
- Mansoura
- Msheireb
- Najma
- Rawdat Al Khail
- Umm Ghuwailina
As per the new legislation, buyers investing 3.65 million riyals (around $1 million) or more are eligible for permanent residency. It provides them free healthcare, education, and other benefits similar to the ones granted to only Qatari citizens.
Foreigners investing at least 730,000 riyals will be eligible for a renewable residency permit for themselves and their families. While it doesn’t offer citizen benefits, renewable residency makes you eligible to shift to Qatar without employer sponsorship.
Qatar’s real estate: The market outlook
It is worth buying properties for sale Qatar because the market outlook shows it’s a great time to invest in real estate here. Even after the pandemic and global slowdown of the real estate industry, Qatar remains a buyer’s market.
The slump in the economies all over the world did affect Qatar’s real estate market. Also, the drop in oil prices affected the country’s economy. However, amidst all the political and economic events, Qatar has shown resilience toward growth.
The prospects for 2022 and beyond remain positive. Our experience as a Qatar real estate company is that it is time to focus on the bright spots.
The upcoming FIFA World Cup 2022 will attract over 1.2 million visitors to Qatar. It will be a significant boost for the economy. Ahead of the tournament, several development projects are underway to strengthen the country’s infrastructure further.
Free Zone of real estate projects
Doha Metro, Umm Alhoul Free Zone, and Ras Bufontas Free Zone are some of the most significant real estate projects that showcase the capability and willingness of the government to develop Qatar.
Another reason to buy property in Qatar is the economic diversification program that Qatar focuses on. Since 2010, there has been a remarkable increase in the number of visitors to the country, with a rise of 72% between 2010 and 2015.
The trend continued in 2019 before the pandemic hit. The continuous commitment to boosting tourism shows that property values will appreciate in the coming years. The house for sale in Qatar you might buy today will give you a solid investment that will increase in value with time.
Conclusion
Given Qatar’s push for economic diversification to ensure that reliance on the oil industry is minimized is paying path for other sectors to grow. Focusing on tourism and real estate, Qatar offers foreigners an easier way to invest in properties. This is the best time to invest in properties for sale in Qatar.
Read More: 6 Types Of Real Estate In Qatar
