In this era, Qatar was known as a prosperous country for those who owned property. The ease of foreign regulations encourages foreigners to invest in real estate. Let us now read, can I buy property in Qatar?
Real Estate Market
As you all know, Qatar is a wealthy country that promotes a luxurious lifestyle for its people. For foreigners, it is a golden opportunity to invest in property. Before investing, they have to search the market for real estate agencies. Although they find abundant options for real estate agents, they trust an agency until it satisfies them.
Can I Buy Properties in Qatar?
If you look back and consider yourself present in Qatar in those years, you would undoubtedly know that purchasing a property in the country was the most challenging and impossible task. The government didn’t accept non-Qataris purchasing any property there. They were restricted even if the person had been working in Qatar for years.
But in the year 2004, their policies changed. They lifted the ban on non-Qataris, which was about purchasing a property. Hence, they allowed foreigners to buy property in a few areas.
For the first time, people outside of Qatar were encouraged to conduct business through or in real estate. While doing their jobs, the ex-pats could invest money in property.
With a revision in the laws of cabinet resolution 28, foreigners and ex-pats can now purchase residential and commercial properties in Qatar without any hindrance. Also, it changed the perspective of Qatar’s economy from gas and oil production to real estate business. For example, we invest in multi-story buildings, malls, tourist attractions, etc. The trend of foreigners coming to this country has multiplied this year.
Benefits of Owning Properties in Qatar
Following the purchase of property, people even get residencies in Qatar. The government gives them either a temporary visa or a permanent one. They get a brief residency if their investment is less than QR 800,000. Those who invest more than QR 3.5 million will be given permanent visas.
This law stated that non-Qataris could own properties in 9 places. And in the other 16 places, they could get the lease for 99 years.
Qatar again motivates people to invest by not implying any property tax on the properties. The exemption of taxes is a relief. Taxes often make you double-minded when you think of spending too much on a property and then paying another huge sum as tax. Therefore, people around the world are rushing here to invest. Not only the foreigners but also the Expats.
The non-Qataris who live in Qatar for jobs feel this kind of investment is a great deal. Buying a property in Qatar gives them ample benefits. Not only have they had a safe roof, but residency and other advantages too.
In addition to the non-tax feature, they will get other benefits too. Many foreigners want to invest in apartment buildings. So, they rent these out. If you purchase a house at an average price, you can resell it at a double rate and earn a profit. It helps the people and the growth of Qatar’s economy.
Read Also: How to find Cash Flow Properties
Criteria for Buying Property in Qatar
The lifestyle in Qatar is different from that in other Gulf countries. Qatar provides a lifestyle to settle into, a luxury to live a life, and a better future outlook. The law of freehold property allows anyone, whether they are national or foreign, to buy property. And they have set no restrictions for the permit or residency.
Therefore, most of the projects and investments are happening in freehold areas. By purchasing property there, you can achieve extended visas too. However, the lease property case is a bit different. Every 99 years, the owner has to renew the lease property contract. Only foreigners with special visas can own a lease property.
The whole procedure of buying a property, including transactions and initial documentation, can take up to a month.
Procedure
- Both the buying and selling parties should mention their terms and conditions to each other before purchasing.
- According to the law, the buyer has to pay a small percentage of the property's sale price to the seller as an advance payment. Or you can name it as a property securing cash. This amount is minimal compared to the selling price.
- The total payment is divided into small sums called installments. This helps the buyer to pay in installments. After the seller hands over the property to the buyer, they have to make payment of this last installment, or the remaining few percent.
- They must also pay the real estate agents they have hired.
- After completing all documents and transfers, the system transfers the property to the buyer's name.
- Similarly, if the seller buys property on loan through a bank, they need bank verification.
- Finally, the seller often demands the buyer's passport to complete the verification step.
What Is Real Estate?
You are frequently perplexed by the similarities between real estate and property. This property could be land, a building, or anything. In general, people classify it into four types: land, residential property, commercial property, and industrial property.
The land is a free space or area where you can construct something. A building or house can add value to the land. Residential property refers to a place where families or individuals live. There are houses, flats, villas, apartments, etc., whereas a commercial property is something people construct to do business through it—for example, shops, malls, schools, hostels, clinics, salons, etc.
Industrial property is primarily large. It is used for industries, manufacturing units, and factories. As a result, they are frequently regarded as large-scale structures.
How to Search For Property in Qatar?
Searching for a property to purchase is nonetheless an easy task. It is not as simple and easygoing as it appears. A person can never find property by himself. Instead, they need assistance from real estate agencies. Let’s now see what steps are involved in purchasing a property.
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Property Search
Firstly, enlist the areas of preference. This could be any place you like. Some people prefer to buy property near their workplaces; others prefer to buy in congested areas, and others believe in a peaceful and quiet residential area. The selected area or locality should reflect your priority.
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Real Estate Agencies
The next step is searching like you would note down the websites of real estate agencies. Here it is a matter of trust and authenticity. Now you have to pick those websites. If you ask for our opinion, you must opt for Saakin Inc. It is unlike an ordinary website where you only get the featured properties. But it is a real-time analysis place where you get the property updates frequently with time.
Not only do we have property details, but also our estate agents are readily available to cater to the problems and queries of the customers. It is the best option and advising tool for property buying.
Once you have shortlisted the websites, note down the questions and queries you want to ask and discuss with the agents. Our company works in different ways. The other real estate agency agents might persuade customers to purchase a property for their benefit, whether it is good or not. But we give you friendly opinions and never force clients to acquire a property against their will. After satisfaction, it’s up to the client whether they are interested in the deal.
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Fee
Afterward, you have to go through the terms and policies of the Qatar government for purchasing the property. First comes the contract for your deal. Then comes the fraction of the initial deposit you have to pay—fees of real estate agents, etc.
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Types of Property
Also, list down the types of houses you require to buy. This makes it easier for the estate agents to get the desired place for you and saves them time in house searching. Please select a time frame in which you can easily accompany them in visiting the houses.
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Neighborhood
The real estate agent usually plays this role in investigating the neighborhood area of the house. Everyone demands a good neighborhood because you have to live together.
Saakin Qatar
If you are tired of searching property websites and contacting various real estate agents, visit our site. We are working differently than the other real estate agencies. We have a directory that takes you to your desired property. Next, we have a wide range of featured properties. For your convenience, we uploaded everything on our site. You won’t have difficulty searching and filtering out the property you like. We regularly update all property-related information.
Conclusion
Can I buy property in Qatar? A commonly heard question. Not everyone gets a chance to own a property in Qatar, but if you are lucky enough to get this opportunity, invest in something worthwhile. For this, visit Saakin real estate agency to follow the market situation of the property.
FAQs
Can I get residency after buying property in Qatar?
Buying a property allows you to avail yourself of many other benefits along with a residency in Qatar.
Would I quickly get the kind of house I like?
You will ultimately find your desired house through our real estate directory.
Read More: Is It A Good Investment to Buy Properties in Qatar?