The Investment Promotion Agency Qatar (IPA Qatar) has announced that “now is the time” to invest in Qatar’s real estate market, following the Council of Ministers’ Decision No (28) of 2020 on the conditions, controls, benefits, and procedures for ownership and use of real estate in the country.
The decision brings up the number of areas where international investors, companies, and funds can pursue ownership and use of real estate to 25. Furthermore, it introduces the ownership of detached units in residential compounds and shopping malls throughout the country, along with enhanced residency benefits.
The decision is set to open up prospects for promising and high-return investment opportunities that benefit local and foreign investors, while advancing Qatar’s real estate market and contributing to the realisation of its national vision for 2030 and beyond.
According to IPA Qatar CEO Sheikh Ali Alwaleed al-Thani, the country is about to witness a paradigm shift in the development of its real estate sector.
“Not only can investors, residents and non-residents, now take advantage of freehold properties in malls and residential complexes across the country, they can also explore strategic investment and partnership opportunities – either directly or through local and foreign real estate investment funds – in an expanded number of areas that follow global planning and urban specifications which meet their aspirations,” he explained.
Sheikh Ali also pointed out that the enhanced residency benefits granted through the Council’s decision further enrich Qatar’s overall value proposition for investors.
“Now that the permanent residency advantages for owners of more than $1mn properties encompass family residency, education, healthcare, and commercial-activity investments, international investors can further pursue their long-term ambitions while living in a place they truly can call home,” he added.
With the issuance of the Council’s Decision No (28) of 2020, Qatar now has 16 usufruct areas with a 99-year term, and nine 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.
To streamline the process, a fully-automated system will be available to investors and real estate companies. The system helps manage the real estate services and procedures covered by the decision, including buying, selling, obtaining concessions, and extracting bonds via a single point of contact through the Ministry of Justice.
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