Doha:Â HE Minister of Justice and Acting Minister of State for Cabinet Affairs Dr. Issa bin Saad Al Jafali Al Nuaimi has underlined that the Cabinet’s approval at its last meeting to determine the areas and places for non-Qatari ownership and use of real estate has complemented the projects and objectives of Qatar National Vision 2030 “, reflecting the country’s comprehensive vision based on economic, social and cultural openness and promoting the values of coexistence among different peoples and cultures.
In a press statement today HE the Minister pointed out that from this vision, this decision comes within the executive procedures of Law No. 16 of 2018 on the regulation of non-Qatari ownership and utilization of real estate. Under the provisions of this law, non-Qataris may own and use real estate in many areas according to the conditions, regulations and procedures, which shall be determined by a decision of the Cabinet based on the proposal of the Committee for the Regulation of Ownership and Use of Non-Qatari Property.
The statement said that “under this decision means the real estate allowed to be invested by non-Qatari, include offices, shops, units and villas in residential complexes, and real estate development of land in the specified areas, and not limited to apartments and residential units, which means the inclusion of the real estate sector in all its components in this decision, which is expected to benefit the Qatari economy. This will boost the attractiveness of Qatar’s real estate investment, driven by strong national economy and steady growth rates, as the umbrella and key guarantee of the strength and growth of the real estate sector and other sectors. ”
The statement added that the ministerial decision opens a promising prospect for the Qatari citizen to enter into strategic investment partnerships that will benefit the various sectors of the society, including the small investors who will be able to invest in the real estate market through investment funds.
The law allows for freehold ownership in 10 strategic areas with guaranteed investment returns. These areas were recently developed within the state’s urban plan. These cities are the modern front of Qatar, which confirms our strategic leadership vision and investment openness to push forward economic development and raise Qatar’s level in global economic indicators. (MORE)
The areas covered by this decision is the West Bay area of Qatifiya, the Pearl area, the Al Khor Resort, the Al Qasar area (the administrative area), Al Dafna (administrative area), Onaiza (administrative area), Al Wasil, Khraij, Jabal Thaileb, Investment Area), and Rawadat Al-Jahaniyah (investment area).
These areas are all 100% guaranteed return on investment and will represent a new investment model not only in Qatar, but also in the region and the world, as these areas combine capital development and promote cultural co-existence between developers, owners and investors in these areas, given its architectural symbolism that combines different world cultures.
The statement pointed out that citizens and residents will benefit from the advantages offered by the ownership and use of non-Qataris in these areas because the new procedures are characterized by full flexibility and facilitate transactions according to the rules laid down by the law. These are flexible and transparent controls that take into account the latest successful experiences in the field of ownership and use of real estate. Qatar is proud to have the latest legal and legislative system that allows freehold ownership according to the latest international standards.
The statement said that due to the attractive nature of these areas of housing and accommodation, and in view of the high demand for them, and in order to achieve the aspirations of those wishing to use the housing units in these areas have been identified the number of 16 areas within the State within the areas allowed to use by non-Qataris, in accordance with the legal rules, granting beneficiaries the right to utilize for 99 years.
These areas are: Musheireb, Fareij Abdul Aziz, Doha Al Jadida, Old Ghanem, Riffa, Al Hathey Al Ateeq, Salta, Fareej Bin Mahmoud 22, Fareej Bin Mahmoud 23, Al Khail, Mansoura, Fareej Bin Dirham, Najma, Um Guilinah, Al Khalifat, Al Sadd, New Al merqab and Fareej El Nasr, and the airport area.
The draft decision enhances the opportunities of Qatari citizens to benefit from development opportunities through direct and indirect investment. The decision also provides an opportunity for all non-Qatari investors and foreign companies to invest in the real estate sector in Qatar without exception. Qatar is counting on this decision to strengthen its global leadership in the indicators of economic openness, ease of business, growth and investment attractiveness.
The statement noted that the Cabinet’s approval also included allowing real estate investment trusts to invest in real estate in various areas and units referred to, which means that we are in front of a new stage where we will see a strong activity of these funds, which provides an opportunity that was not available before for citizens and residents of middle and limited income to invest in the real estate sector and the circulation of shares in the stock market through the portfolios of shares and real estate investment funds.
It said that given the advanced vision of Qatar for those who had served in the country and wished to continue living on its land, the draft decision introduced a new advantage of obtaining residence throughout the ownership of the property if the value of the property is not less than ($ 200,000), this residence will remain valid for the duration of the property.
The statement added that within the framework of investment facilities that comply with the new legislation in Qatar, all services and procedures for the purchase and issuance of bonds and access to privileges related to these real estate services will be provided through a single window.
It stressed that the areas that are allowed to own are characterized by being selected, high quality and fully serviced areas. They are considered to be tourist and economic areas overlooking the Arabian Gulf or located in strategically located areas in central Doha or suburbs overlooking strategic ports and facilities such as Hamad Port and Hamad International Airport. These areas are characterized by the presence of comprehensive infrastructure and modern facilities including bridges and metro stations.
It highlighted that the advantages of the draft decision exempt the owner of the property, with not less than one million dollars ($ 1000000) of some conditions for permanent residence, where the benefit of permanent residence benefits include access to treatment and education in government institutions within the state, and investment in some the activities of the national economy sectors , which are determined by a decision of the Cabinet.
The statement stressed that this decision reflects the vision of Qatar and its global openness and underlines its commitment to pursue the development of integrated and balanced mechanisms to promote a culture of partnership and innovation and to take further initiatives based on the values of cooperation with various partners and safeguarding the basic rights of citizens, residents and investors, and activate the objectives of Qatar’s second national development strategy for 2018-2022.
It noted that Qatar is establishing a new stage of growth, development and modernization thanks to wise leadership and sound planning for the future of its future generations. This vision is being pursued by the Government of Qatar in accordance with the directives of HH the Amir Sheikh Tamim bin Hamad Al -Thani, to build an advanced and prosperous society protected by its values and culture that is open to all for promising and prosperous future.