By Shane McGinley
Doha likely to see the first non-Qatari owned tower by May, says ministry
Qatar has issued its first residency permits to
non-nationals following a new ruling that allows foreign home owners to
substitute a sponsor for property ownership.
The emirate’s first pair of permits were issued following
new sponsorship rules that allow non-Qataris to own real estate, the Doha-based
The Peninsula newspaper reported.
Two expatriates from Egypt and Pakistan are the first to
receive permits under the new rule.
The Ministry of Municipality and Urban Planning said that
around 70 non-Qataris had applied for ownership of real estate properties in
order to avail of the new rule and obtain permits.
Abdullah Ibrahim Al Sada, director of the office, said a
number of expatriates had applied to own complete tower and said he expected to
see the first full building registered by May.
Qatari authorities said this week there were no plans to buy
up private land to accommodate real estate projects planned for the FIFA World Cup
Real estate analysts had speculated that land prices could
soar as the Qatar government looked to buy up land to build the required
hotels, stadiums and infrastructure needed for the 2020 games.
Many investors and buyers had held back property from the
market in anticipation of a price hike, sending real estate transactions down
from QR2.1bn ($576m) in January to QR1.7bn in February, according to data from the Ministry of Justice.
Does this sounds eerily familiar?
not really...What are you implying?
If you are referring to Dubai then you are mistaken because in Doha it is actually taking place as conveyed by the article
A very Brave Step .
Hope this is taken by UAE also .
If Dubai ,comes back on the Residence Visa Promise of 5 Years Renewable.The property Market will BOOM back.