Preparations for the draft law on foreign ownership of real estate is “a valuable” initiative aimed at creating new opportunities for the country’s property market, according to SAK Holding Group’s monthly real estate report.
Issued by its Market Watch Bureau, the report said the law is expected to be integrated with the law of ownership of non-Qataris implemented for nearly three years in 18 regions.
The report underscored the significance of this law to provide an “attractive environment” for real estate investment, and will contribute to injecting large real estate liquidity and in creating a real estate boom in the local market in the medium and long term.
“This will increase the appetite of both resident and foreign investors looking for real estate opportunities affected by growing confidence in legislation protecting their investments and stability,” the report continued.
SAK’s monthly report also pointed out that discussions on the new law were based on a television interview of HE the Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa al-Thani who said His Highness the Emir Sheikh Tamim bin Hamad al-Thani ordered the preparation of a draft law for non-Qataris to own property, which will be implemented in 2018.
The report also welcomed the government’s intention to make balanced estimates of the revenues and expenditure projections in the state budget for the fiscal year 2018, which starts on January 1 and ends on December 31, 2018.
“These estimates indicate the need to adhere to the objectives and programmes of the state’s fiscal policy, which is based on taking into account the stabilisation and development of financial performance, diversification of the economy, and the provision of funding for the implementation of sustainable development projects to achieve the objectives of Qatar National Vision 2030” the report said.
It also pointed out that the focus on the completion of the major development projects approved by the state, especially infrastructure projects in the health, education, and transportation sectors, as well as projects related to the World Cup 2022, “will enhance the continued flow of real estate liquidity, which will support the ability of the real estate sector to respond to the requirements of comprehensive and sustainable development that will achieve the objectives of Qatar Vision National 2030.”
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