Foreign Direct Investment (FDI) inflow into the residential real estate market is expected to increase in pace after Qatar allowed foreigners to own real estate properties, the organiser of Build Your House 2021 exhibition has said.
This growth is expected as the law regulating the ownership and use of real estate by non-Qataris entered into force after the issuance of Cabinet Resolution No 28 of 2020, specifying 25 areas in which non-Qataris may own and benefit from real estate, said Rawad Sleem, general manager of NeXTfairs.
Sleem said the Ministry of Justice and the Ministry of Interior recently launched an office for non-Qatari real estate ownership in The Pearl to provide real estate ownership and utilisation services through one window for investors.
The office enables the beneficiaries to obtain the title deed in less than an hour; it also provides, through an automated system developed by the two ministries, the issuance of residency upon completion of ownership or usufruct procedures, in case the property of the owner or the beneficiary is in the category whose value is not less than QR730,000, equivalent to $200,000, so that the owner of the property from this category obtains a residence permit for himself and his family without a recruiter for the duration of his ownership of the property.
Sleem announced yesterday that the second edition of Build Your House 2021 is slated from March 22 to 24, 2021at the Qatar National Convention Centre, under the patronage of HE the Prime Minister and Interior Minister Sheikh Khalid bin Khalifa bin Abdulaziz al-Thani.
He said the exhibition has succeeded in attracting wide participation from the government and private sectors, as well as other international companies, as it represents a unique commercial platform for local and international companies that allows consultants, contractors and suppliers to offer their services and products to the target audience, and sign deals that exceeded QR400mn in the first edition.
According to Sleem, developing citizens’ lands and qualifying their housing vouchers is moving forward at an accelerating pace, as the 2020 budget approved by His Highness the Amir Sheikh Tamim bin Hamad al-Thani includes allocating the sufficient funds for the development of new lands for citizens by providing networks of water, electricity, sanitation, roads, and all other facilities in 13 different areas of the country.
The total cost of the development scheme is estimated at QR12bn during a period of five years, and it is scheduled to complete the process of developing these lands and handing them over to citizens gradually, according to the approved schedule.
He said the Housing Department at the Ministry of Administrative Development, Labor & Social Affairs work tirelessly with Qatar Development Bank to provide all services and facilities to buy or build housing through soft loans, in addition to community service.
These measures have provided many advantages, the most important of which is revitalising the residential sector, which explains the success of the first edition of Build Your House 2020 exhibition, Sleem said.
In addition to residency the property owner and his family, he will also receive permanent residency benefits that include health, education and investment in some commercial activities, in case the property value is not less than QR3.65mn or $1mn.
Sleem stressed that the exhibition will apply all precautionary measures to protect against the coronavirus to preserve the safety and health of companies, participating entities, and visitors and to ensure the best and safe experience.
Related Story