"For sale", property with bonus residence permit in Qatar
Doha (AFP) - A villa bought, a visa offered: the wealthy emirate of Qatar has opened its real estate market to foreigners with a reform granting buyers of residences or business the right to a residence permit.
This plan, announced in September, is the latest in a series of measures intended to diversify the economy of this gas-rich Gulf country, which seeks to free itself from its dependence on fossil fuels and attract foreign capital.in the run-up to the 2022 FIFA World Cup.
This program could also help to absorb the excess supply that has left sparkling tall towers half empty and seen unit prices fall by nearly a third since 2016, according to ValuStrat's Price Index.
Previously, investors had to be sponsored by a Qatari company or individual to be able to reside in the country.
From now on, the purchase of a property of at least 200,000 dollars (approximately 169,000 euros) gives the right to a residence permit for the duration of the property.
A purchase of one million dollars (approximately 846,000 euros) provides access to the advantages of permanent residence, including free schools and health care.
"I did not buy sooner because there were gray areas" in the legislation, told AFP Tina Chadda, a Kenyan expatriate who has lived in Qatar for 15 years.
Today, this marketing director is looking for "a property in which to live and to obtain a permanent residence".
"I think this will allow me to feel at home in Qatar (...) It is a safe country, compared to Kenya", she says, with the hope of being able to bring her parents with the visa..
Foreigners can now buy in 25 zones, mainly in and around Doha.
Posted Date: 2020-12-24