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.
New Cabinet Resolution for Foreign Ownership
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.
Why Did The Cabinet Resolution Change The Foreign Ownership Law?
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.
Can Foreigners Buy Commercial Properties?
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.
Can Foreigners Get Permanent Residency by Investing in Real Estate?
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).
Where can Foreigners buy Property in Qatar?
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.
Read Also: Real Estate Buying Guide
The Best Places for Foreigners to buy a Property in Qatar
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;
- The Pearl
- West Bay Lagoon
- Lusail
- Al Khor Resort Project
Requirements to Buy a Property in Qatar as an Expat
- You can use a mortgage as an Expat to purchase freehold property.
- Qatar allows residents above the age of 18 to purchase real estate.
- The Qatar Central Bank has some rules regarding mortgage lending to Expats.
- The maximum length of a mortgage is 20 years.
- Mostly, Expats must be 65 or older at the time of debt maturity.
- The total loan may not exceed 70% of the property's value.
- There is a 30% down payment requirement for Expats.
- Only 50% of monthly income is permitted to be for mortgage payments.
Documents Required For A Mortgage?
To salaried foreigners, the following documents are required:
- Salary Certificate for the corresponding bank
- A six-month bank statement is required if the payment has been transferred from another bank.
- A liability letter for the involved bank if a loan is transferred from another bank.
- filled-out bank application
- a passport and ID copy
- If available, a quote from the developer or a copy of the title deed and the property maps
- receipt for the deposit
- Security cheques
Is Buying Off-Plan Helpful?
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.
Connect With a Real Estate Website to Buy a Property
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.
Saakin Qatar is the best property-finding directory where you find the best properties for sale. You can quickly find and buy your new dream home with the best listings on our website.
Get the Best Properties for Sale with Saakin
We offer services in buying, renting, and property finding. By providing exceptional customer service, reliability, expertise, and ongoing operational efficiency, we work hard to build a strong bond between sellers and buyers. We provide the latest listings and details of the real estate market trends. So, get the best properties for sale with us.
Can Indians Buy Property in Qatar
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.
Can an Indian Buy Flat or Apartment in Qatar?
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.
Read More: Top 10 Best Areas and Cities to Live in Qatar
