One of the wealthiest countries in the world, Qatar offers an excellent environment for real estate investments, whether for locals or foreigners.
Qatar has an estimated population of around 2.169 million people. Of these, a staggering 85.7% are expats. Each year, thousands of people from all over the world move to Qatar primarily for the excellent economic prospects, and stay for the high quality of life. The constant influx of people who need to find a home gives real estate investments here high profitability potential.
Furthermore, Qatar has been stepping up efforts to boost its tourism industry as part of its long range plan to diversify the economy. The hosting of the FIFA World Cup 2022 is just one of the many initiatives the country has undertaken to solidify its branding as a prestigious global destination. And with this, there’s an expected surge in demand for secondary homes, as well as rental and commercial properties.
Who can own real estate in Qatar?
The following can buy and own real estate in Qatar:
- Qatari nationals
- GCC (Gulf Cooperation Council) nationals
- Non-Qataris and non-GCC nationals
Non-GCC foreign companies and individuals may own two types of properties – freehold and leasehold properties.
- Freehold properties
- A freehold property includes both the building and the land on which it sits. Non-Qataris may purchase and own freehold properties, but these are restricted to designated areas in the country.
- Leasehold properties
- Foreigners may also enter into a leasehold contract, which gives lessees the right to use a commercial or residential property for 99 years. As with freehold properties; leasehold contracts are only allowed in designated areas; but leasehold properties may be used for residential as well as commercial purposes. Foreigners may own the building or structure of a leasehold property; but not the land on which it is built.
Ownership of a freehold property can give foreigners residency status in Qatar, which may be extended to their family members for as long as they own the property. Meantime, before foreigners can enter into a leasehold contract, they must first be holders of a valid Qatar visa.