Qatar opens property market to foreigners as part of new residency scheme

Previously, investors needed sponsorship from a Qatari business or individual but now a US$200,000 property purchase secures temporary residency

Gulf nations have long depended on foreign skills and expertise but have seldom made it easy or cheap for expats to make their moves permanent

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The skyline of Doha, the Qatari capital. Photo: AFP

Published: 3:49pm, 11 Nov 2020Updated: 3:49pm, 11 Nov 2020

Gas-rich 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.

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.

Previously, investors needed sponsorship from a Qatari business or individual for residency, but now a US$200,000 property purchase secures temporary residency for the term of ownership. A US$1 million purchase buys the benefits of permanent residency, including free schools and health care.

“The reason I didn’t buy earlier was that there was so much grey area,” said marketing director Tina Chadda, a Kenyan who has lived in Qatar for 15 years.