Explore-Qatar » Living in Qatar » Housing and Accomodation » Buying Property
While the vast majority of expatriates living in Qatar rent their accommodation, Qatar has since mid 2004 amended its laws to allow for free hold property investment. Under Qatari law, foreigners are allowed to buy property in specific areas of the country, for 99 years, extendable for a further 99 years, and the property is transferable to their heirs. Foreigners who buy in any of these areas are automatically granted residency, which extends to the owner’s family, for the whole duration of the ownership. These places include the Pearl Island, West Bay Lagoon, Al Khor Resort, and the Lagoon Plaza projects.
Because the amount of real estate available for sale that has already been constructed is actually limited, most transactions involve off-plan properties, and are purchased through a number of agents or directly from the developers making the process pretty straightforward. If the buyer wants to sell the property before completion of the development, it has to be sold through the developer as well as they still own the title to the property until it is completed.
When buying through a developer, the investor selects a unit from the range of properties available and they add on any extras from a list the developer can supply and the price is then fixed. A deposit is paid upon signing of the sale contract and stage payments are then made throughout a certain period, according to the plan chosen by the buyer. Usually, 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.
Investors should instruct an English speaking lawyer to advise them on the rights of overseas property owners in Qatar before signing any contracts.
Mortgages: Commercial Bank of Qatar and Qatar National Bank are currently the mortgage loan providers approving finance for foreign expatriates. As further projects are released there will be additional institutions prepared to offer home loan products.
