The Property Banks Buyers Guide to Qatar
Until the 6th of June 2004 foreigners
were not permitted to own freehold title to any real estate in
Qatar, and the property buying process for foreigners in Qatar
amounted to being able to buy 99 year renewable leases in certain
residential complexes earmarked as being available to non GCC
buyers.
Since Emir H H Sheikh Hamad bin Khalifa Al Thani announced
significant changes to the laws relating to foreign freehold
ownership of property in 2004, foreigners now have freehold and
residential rights to property in certain specific developments in
the country.
The changes to the property ownership laws for foreigners in Qatar
are enforced under the enactment of Law 17 of 2004 Articles 1 – 14,
and these 14 articles are seen as amendments to the provisional
constitution.
The property buying process for foreigners in Qatar is actually
rather odd because the amount of real estate available for sale that
has already been constructed is actually Ltd. The majority of
overseas buyers are actually buying off plan investment property in
Qatar directly from the property developer and this makes the
process incredibly straightforward.
The Pearl is one of the main developments ear marked by Sheikh Hamad
bin Khalifa Al Thani as being available for sale to foreigners and
the first residents of this development are not expected to take up
residence until 2007 with the final complex hopefully completed by
2009. Off plan properties are being sold through a number of agents
but most are being bought directly from the developers. Those who
wish to resell prior to completion are also forced to resell via the
developer as they effectively still own the title to the property
until it is completed.
The way the purchase process works for off plan property in Qatar is
as follows: - an investor selects a unit that suits their objectives
from a range of villas, apartments and commercial properties
available, they add on any extras they require from a set list that
the developer can supply, they are given the price that they will
have to pay, sign a contract to purchase, pay a deposit and then
make stage payments throughout the build process. It’s customary for
an investor to retain a final percentage of the property’s price
until they have taken possession of the property and all is found to
be in order with it.
Those who buy freehold property in Qatar in either The Pearl, West
Bay Lagoon or Al Khor developments are granted automatic residential
rights for their entire family which remain valid until the property
is resold. As is the case with freehold property an owner has the
right to resell real estate or to will his property to his heirs.
Those who are interested in property for sale in Qatar should speak
to their preferred agent or developer for any changes to the above
described property buying process for foreigners in Qatar;
furthermore they should instruct an English speaking lawyer to
advise them on the rights of overseas property owners in Qatar.