The State of Qatar’s new property law sets out incentives for residents to reside in the country for the long term, according to one of the co-founders of hapondo
, Qatar-based tech start-up specialising in the State’s real estate sector.
“Residents who invest in real estate in Qatar can now have stronger confidence that their residency in Qatar is guaranteed and does not necessarily need to be tied to their employer,” Haajerah Khan told Gulf Times.
Speaking on the benefits of the new property law provide to residents in Qatar, and its role in enhancing the country’s real estate sector, hapondo co-founder Ahmad al-Khanji also said the law would diversify the real estate market by expanding on customers and owners.
Jeffrey Asselstine, managing director of NelsonPark Property, said: “The new property law would make the sector even more desirable as the areas are expanded from the previous offering, including the ability to purchase a private villa for one’s family, which was not possible before.”
Al-Khanji also noted that the law would enable more investors to get into the real estate market, which translates to more customers for real estate companies. It would also increase the importance and activities of real estate markets, he continued.
Asselstine said, “It also provides the ability to offer more properties to a larger audience, particularly as certain properties could only be previously bought by Qatari nationals. It is the responsibility of real estate companies here, to learn about the law, understand it well, and share that information clearly with expatriates that are looking to invest.”
Post Covid-19, al-Khanji and Asselstine both shared a positive outlook on Qatar's real estate market, in light of the recent developments announced by the government on the new property law.
“It will be interesting to see how this will affect the market when it comes to prices in the short run. During Covid-19 we, at hapondo, noticed that there were quiet periods due to uncertainty imposed by the pandemic.
“However, the market picked up eventually and we noticed more activity recently. The activity came from expatriates and Qataris, but both are interested in similar locations,” al-Khanji said.
Asselstine added: “I think that the outlook is very bright, indeed. Investors are always looking for stability, and whilst the market was already stable, the initiatives by the government only enhances an already positive situation encouraging individuals to invest in the market. This is true not just for expatriates, but also for Qatari nationals, as they will benefit from greater investment into the real estate sector.”