It wasn’t too long ago when Dubai was the only place in the region known for its extravagance. But times are changing. Qatar, one of the most progressive countries in the Gulf region is growing at a high rate, and will soon overtake many others to become one of the richest places in the world. If you’re considering investing in real estate and looking for properties for sale in Qatar for its lucrative prospects and high return on investment, make sure to understand the fundamentals of the real estate sector first. Property investing in Qatar offers the best of both worlds, but there are still things to consider when choosing an investment property. The country is also a hub for affluent investors from throughout the region. The real estate industry here is friendly and open to people from other countries and will certainly see growth in the next decade or so. All of this makes Qatar one of the most promising countries for investors, both local and foreign. Just be sure to do your homework when picking a property to invest in – you wouldn’t want to end up in a deal that gives no returns other than maintenance expenses.
Laws are now favourable
When considering investment into real estate in Qatar, there are many advantages that come with taking the plunge into the property. There are significant tax and legal benefits to foreign nationals. With regards to taxation, any income generated from the property is exempted from tax, which means investors don’t have to pay income tax on the rental income. Experts including real estate agents in Qatar opine that it has increasingly become an attractive location for real estate investments. The Qatari government is keen to enhance the country’s status as a major international business hub in the region. To this end, there have been several policy initiatives introduced by Qatar over the last few years which have benefitted investors as well as developers in Qatar.
– Several areas are being added to the list of investment opportunities
– Increasing opportunities for commercial property investment
– Freehold property areas are being expanded
– Residency permits with benefits for two tier investment levels with the higher tier giving maximum benefits
– Possibility for a foreign owned company to be able to purchase assets in the region
Advantages of investing in the property market in Qatar.
The country is experiencing a boom in construction with many new and exciting developments being planned, including the Lusail City project, which will be home to 4 stadiums and a state-of-the-art light rail system. The recent changes to property ownership laws have also made it easier for foreigners to purchase real estate in Qatar.
The new law is expected to give a further boost to the real estate sector, which has been growing rapidly, particularly in Doha. Qatar’s real estate sector is becoming more attractive for foreign investors as prices are falling and the supply of residential units is increasing. The economic slowdown caused by lower oil prices has slowed construction activity, which increased the supply of apartments, houses and villas.
The new law also opens up new opportunities for property investment by foreigners in the areas designated above. While some of these areas are already popular with expatriates, such as Lusail City, others such as Al Khor City – an hour north of Doha – and Al Shahaniya are likely to become popular for property investment in future.
The government of Qatar has announced a new law that will permit the grant of permanent residency and citizenship to those meeting the required criteria. The law sets out rules for granting long-term residency, in the form of residency permits, to expatriates and their families in Qatar. The law also allows for expats to apply for permanent residence, and even citizenship, if they meet certain criteria.
Tier One – Residency Permit (RP)
While purchasing above the value of QAR 730,000 you will be able to apply for a Residency Permit for yourself and your family.
Tier Two – Residency Permit with the Benefits of Permanent Residency
If you are a foreigner and purchase property in a designated area above the value of QAR 3,650,000 you will then be able to apply for a Residency Permit for yourself and your family with added benefits like that of a permanent residency.
There are a number of advantages for non-Qataris to invest in property. The most important effect it has is the ability to apply for Permanent Residency after 5 years. With permanent residency, you can purchase further properties and eventually citizenship. It is recommended to try and seek professional legal advice before seeking residency or citizenship to fully understand the associated rights and obligations.
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