Buying a property in Qatar offers excellent ventures to experience. Property investment brings advantages, whether you want to buy a home for living or real estate for investment purposes.
However, you need to consider some requirements if you are a non-Qatari. They can purchase properties in assigned freehold areas only. It will be best if you also get to know the other factors when buying a property in Qatar. This blog will provide the guidelines and requirements for purchasing a property in Qatar.
The Ministry of Justice has changed the foreign ownership rules. It has modified the limits of non-Qatari real estate ownership. The authorities will provide basic requirements for selling and purchasing the properties of foreigners.
This cabinet resolution indicated these specific areas in which foreigners can buy properties in Qatar. Now, foreigners have the right to possess property in the assigned 9 locations in Qatar. In other cases, foreigners can lease real estate in specific 16 places for 99 years.
The objective of this change is to diversify the economic development of the country. The foreigners have no restrictions on buying properties. It supports improving national interests and infrastructural criteria.
Moreover, it promotes the project development vision. The focal point of this modification is to achieve the goals of Qatar's national vision 2030. It will also boost the dynamic scope of the real estate market in the country.
The revisions in property ownership law allow foreign citizens to possess residential and commercial property like offices, shops, or retail. They can even invest in real estate to get ROI.
According to the cabinet resolution, foreigners who own property in Qatar are free to rent or sell it. Foreigners who own land must complete construction within four years after the land is registered.
The Ministry of Justice manages the Office for Non-Qatari Real Estate Ownership to provide them with complete guidance and assistance for selling and purchasing the properties.
Foreign nationals who own properties are also granted permanent residency under the law. They must remain in the country for 90 days each year. Property worth at least 730,000 Qatari rials (about $200,000) will qualify for residency.
They can also apply for residency permits for their families. They get permanent resident status advantages, such as free medical care and free education for themselves and their families. They can apply for these benefits if they purchase real estate worth 3.65 million rials (about $1 million).
The Qatari government allowed foreigners to purchase property in a few areas. It has gradually altered the laws to make it easier for foreigners to buy property in Qatar.
The most recent development was the Cabinet Resolution No. 28 of 2020, which enables foreigners to buy or benefit from property in many different locations in Qatar. In specific 9 localities, this new resolution gave non-Qataris the freedom to own and occupy real estate. In 16 areas, they can lease real estate.
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Property purchases in Qatar are good investments for a variety of reasons. Since Qatar is a tax-free state, neither real estate nor revenue is subject to taxation. Property owners are eligible to apply for permanent residency. However, the best places for foreigners to buy a property are;
To salaried foreigners, the following documents are required:
You can speak with a developer and buy a property directly from him. Off-plan purchasing can be a profitable investment, attached to Qatar's real estate laws and regulations. Besides, the developer may offer you a payment plan for 4–5 years.
Finding a reputable real estate company or agent is the best course of action if you intend to buy real estate in Qatar. Many trustworthy, well-known real estate agents can assist you with your property search.
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Indians who own or rent Qatar real estate worth at least 3.65 million Rials (about US$1 million) will receive permanent residency benefits, including free health care and free education, for themselves and their children. Indian have a right to own real estate in nine locations in Qatar listed in the resolution.
The statement added that Indian citizens, residents, and non-residents can now have the right to ownership of residential units or commercial units inside residential complexes and malls.
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