Qatar Open Its Property Market to Foreigners

Qatar 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. 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. Previously, investors needed sponsorship from a Qatari business or individual for residency, but now a $200,000 property purchase secures temporary residency for the term of ownership. A $1 million purchase buys the benefits of permanent residency, including free schools and healthcare. Foreigners can now house hunt in 25 areas of Qatar mostly in and around the capital Doha nine on a freehold basis and the rest with 99-year leaseholds. However, it remains unclear how attractive the tiny, ultra-conservative nation where strict curbs apply to free speech and alcohol sales will be to wealthy global buyers.