A group of expatriate realtors based in Doha has lauded the government’s recent announcement of Cabinet Resolution No 28 of 2020, which allows non-Qataris to own property in more areas across Qatar.
In a statement, the Association of Filipino Realtors & Entrepreneur Executives in Qatar (Afreeq) stated that the Cabinet Resolution provides more clarity on the rules of non-Qatari ownership of properties in the country “but also raises the bar of foreign buyer confidence both new and existing.”
Only recently, the government released a statement announcing the resolution, which will allow foreigners to own real estate in more areas in the country, liberalising rules to attract funds in the sector as part of moves to diversify the economy.
Non-Qatari individuals could own properties in nine areas, up from three before, while the number of areas where foreigners may use real estate subject to usufruct has also been increased to 16, bringing the total number of areas designated for ownership and usufruct by non-Qataris to 25, a government statement said.
“Such decision would contribute to the advancement of the Qatari real estate market, the acceleration of the economic development, and the stimulation of the real estate sector,” an earlier statement from the Ministry of Justice also stated.
Afreeq Chairman Joseph Timothy Rivera praised the government’s decision saying, “With this development, Filipinos and other expatriates can now join the home ownership ladder in Qatar.”
Rivera said, “Entry level properties in new modern developments in the Lusail City area are currently priced fairly starting at QR8,900 (P115,000) only per square metre, which is actually the very same average price per square metre for middle-class condominiums in Metro Manila in the Philippines.
“In fact, some of the high-end properties in Fox Hills also in Lusail City priced at QR14,441 (P187,733) only per square metre are actually far lower than the cost of similar luxury properties in the upscale Makati and Bonifacio Global City districts of Metro Manila costing around P224,000 (QR17,230) per square metre,” Rivera explained.
He added: “Even in the resort island community of The Pearl-Qatar, prices of apartments average at around QR10,000 (P130,000) only per square metre for units with community views, while units with direct marina views start at around QR12,000 (P156,000) only per square metre. These prices are still relatively competitive than the cost of similar properties in Manila’s Entertainment City, which peaks at around P300,000 (QR23,076) per square metre.”
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