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You can call Qatar your home if you buy property in the Gulf nation

The scheme, announced in September, is the latest in a series of measures designed to diversify Qatar's economy away from fossil fuel dependency and attract foreign capital ahead of the 2022 World Cup

Topics
Qatar | Qatar World Cup

Agence France-Presse  |  Doha 

Qatar Airways
Well-heeled individuals are being invited to consider the glistening seaside tower blocks of Doha's man-made Pearl island or the brand new Lusail city project that flanks a World Cup stadium

has flung open its property market to foreigners, with a scheme giving those purchasing homes or stores the right to call the Gulf nation home.

The scheme, announced in September, is the latest in a series of measures designed to diversify Qatar's economy away from fossil fuel dependency and attract foreign capital ahead of the 2022 World Cup.

Well-heeled individuals are being invited to consider the glistening seaside tower blocks of Doha's man-made Pearl island or the brand new Lusail city project that flanks a World Cup stadium. Retail units in malls also qualify buyers for residency.

The reforms could also help soak up an oversupply of units, which has left gleaming towers half-empty and seen prices drop by almost a third since 2016, according to consultancy ValuStrat's Price Index for residential property. Foreigners can now house hunt in 25 areas of — mostly in and around the capital Doha — nine on a freehold basis and the rest with 99-year leaseholds.

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First Published: Thu, November 12 2020. 00:10 IST
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