A number of expatriates have shown buying interest in Qatar’s real estate market as it offers excellent opportunity for them to secure permanent residency in the country, Al Asmakh Valuations and Research Director Gaurav Borikar has said.
“Expatriates working in Doha for a long period of time are taking advantage of this great opportunity to secure their residency in Qatar. The residency earlier was connected to jobs. Hence, having a job was the most crucial aspect of staying in Qatar. Now an expatriate is eligible to apply for a permanent residency in Qatar by purchasing $200,000 worth of real estate property in the country,” Borikar told Qatar Tribune.
In accordance with Law No 16 of 2018 on the regulation of non-Qatari ownership and use of real estate, owners of the real estate property minimum worth $200,000 are eligible to apply for the permanent residency card of Qatar. As per the official gadget, the freehold areas are Zone 66 (Legtaifiya & The Pearl), Zone 60 (Al Dafna, only administrative), Zone 61 (Al Dafna, only administrative), Zone 63 (Onaiza, only administrative), Lusail City-Zone 69 (Al Kharayej, Jabal Thuaileb, Al Wassil), Zone 74 (Al Khor resort) and Rawdat Al Jahaniyah.
The usufruct areas where non-Qataris can use the real estate for 99 years are Zone 13 (Musheireb), Zone 14 (Fereej Abdul Aziz), Zone 15 (Al Doha Al Jadeeda), Zone 16 (Old Al Ghanim), Zone 17 (Al Rufaa & Al Hitmi), Zone 18 (Slata), Zone 22 & 23 (Fereej Bin Mahmoud), Zone 24 (Rawdat Al Khail), Zone 25 (Al Mansoura & Fereej Bin Derhem), Zone 26 (Najma), Zone 27 (Umm Ghuwailina), Zone 28 (Al Khulaifat), Zone 38 (Al Sadd), Zone 39 (Al Sadd, Al Mirqab Al Jadeed, & Dereej Al Nasr) and Zone 48 (Old Airport land).
Other than the labour force, Qatar has a population of over 1,500,000 expatriates. For many of them, who have been living in Qatar for more than 10 years, Qatar is their second home. This law allows such expatriates to secure permanent residence and live in Qatar as long as they hold the property in the country.
For expatriates, apartments in The Pearl Qatar, Zig Zag Tower and villas in West Bay Lagoon were available for a long period of time.
However, land purchase is a new opportunity where the expatriates are highly interested in.
“The Asian and Arab expatriates are highly motivated to secure their house by purchasing or developing a villa that suits them the best.
The momentum has taken a pace in villa sector. Soon several transactions are expected in this segment,” Borikar said.
Zig Zag tower, Al Khor resort, Lusail City, and the notified area among C Ring Road are preferred by the budget-friendly buyers.
While West Bay Lagoon and Onaiza are for affluent buyers with a budget of over QR5,000,000, The Pearl Qatar caters both segments.
Thanks to new access roads to Lusail and Al Khor, a strong interest has been shown by expatriates in these areas and in their neighbourhoods.
Besides long-term residency, the permanent residency card also offers many benefits to businessmen and investors.
The holder of the permanent residency card shall have the right to invest in the activities of the nation’s various economic sectors without a Qatari partner. The establishment of the company shall be in accordance with the law governing the law of commercial companies.