The Investment Promotion Agency Qatar (IPA Qatar) recently hosted a virtual event titled ‘Spotlight on Qatar’s Real Estate Market Reforms’ with the participation of representatives from the Ministry of Justice (MoJ), the Ministry of Municipality and Environment (MME), Qatari Diar, United Development Company (UDC), and Qatar Sotheby’s International Realty.
The webinar navigated the unprecedented property ownership opportunities available to international investors following the Council of Ministers Decision No. (28) of 2020 on the ownership and use of real estate in the country, which scaled up eligible properties geographically and introduced a number of sought-after privileges to real estate investors including a two-tiered residency program, free healthcare and education, and commercial-activity investments.
Commenting on the occasion, IPA Qatar CEO Sheikh Ali bin Alwaleed Al-Thani said: “Investing in Qatar’s real estate market is more lucrative now than ever. Not only can international investors explore a more diverse range of residential and commercial properties and reap coveted benefits that were previously available exclusively to citizens, they can also take advantage of expedited procedures that allow them to complete a real estate transaction in a few minutes, and claim their residence permit in a few days.”
He added: “The outlook is very bright, considering a 36% growth in real estate transactions in 2020, the market’s rapid recovery from the pandemic, and the inclusion of significant development projects in the State’s budget for 2021. We trust that today’s webinar will bring international investors one step closer to their long-term business ambitions while living in a place they can call home.”
Keynotes by representatives of the Ministry of Justice and the Ministry of Municipality and Environment were followed by key presentations delivered by Qatari Diar, UDC, and Qatar Sotheby’s International Realty who shared their in-depth insights on various investment opportunities in a number of luxury real estate projects across the country.
The event also featured a virtual panel discussion where participants explained how Qatar’s laws and reforms strengthen the real estate market and provide an attractive platform for international investors to diversify their portfolios.
With the issuance of the Councils Decision No. (28) of 2020, Qatar now has 16 usufruct areas with a 99-year term and 9 areas that offer freehold ownership.
The usufruct right areas include Al Sadd, Msheireb, Fereej Bin Mahmoud, Al Mirqab Al Jadeed, Al Mansoura, Al Salata, Old Al Ghanim, Umm Ghuwailina, Doha International Airport area, and New Doha. Freehold property areas include The Pearl-Qatar, Administrative District No. 60 and 61 in Al Dafna, Lusail, West Bay, Onaiza, and Al Khor Resort.
Under the new regulations, a QAR 3.65 million (USD 1 million) property grants its buyer permanent residency, along with free health care and education, while buyers of a QAR 730,000 (USD 200,000) property are eligible for renewable residency permits for themselves and their families.
To expedite processes, a special section has been added to the MoJ official website to facilitate investors’ access to relevant data, information, and forms as well as answers to all legal questions related to the new law. The authorities have also streamlined procedures to allow international investors to obtain their residency upon completing the purchase of an eligible property.