Hussein Mukdad
General Manager
Z Houser Real Estate
Qatar has predicted that hosting the 2022 FIFA World Cup will create over 1.5 million new jobs in key sectors such as construction, real estate, and hospitality. The tourism industry is also expected to heavily benefit from the event. In addition, thanks to the new real estate law of investment, Qatar’s real estate sector has become more attractive and profitable for investors, as they can now invest in a more diverse range of properties and across more areas.
Investing in a property can be one of the important financial decisions you will ever make! While most expats in Qatar choose to rent a property while here, it could be more financially beneficial to actually buy a property, especially for those who are looking to stay in Qatar long term.
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There are a number of areas where expats can own property in Qatar, which will also grant them a residency, and can also be extended to the owner’s family for the whole duration of the ownership. Under a freehold ownership, the buyer has title to the land as well as the structure. The following are examples of some areas eligible for investment. The Pearl is Qatar’s first man-made island, and one of the first areas to offer freehold ownership to non- Qatari. The Pearl includes several different areas, which are uniquely designed, and includes both residential and commercial units. As one of the most popular areas in Qatar, it offers a unique and luxurious lifestyle, and a variety of units for both rent and sale.
Adjacent to The Pearl are the Zig Zag towers, which also offer a great investment opportunity, as they are located directly on top of a shopping mall, a notion that many find very attractive. The newest addition to Qatar’s real estate portfolio is Lusail City, which is located on the coast. The mere volume of units available, both residential and commercial, is an instant attraction to investors, who have a variety of units to choose from. In fact, upon completion, Lusail is expected to accommodate up to 200,000 residents and 170,000 employees. It is also home to the iconic Lusail Stadium, which will host the opening and closing matches of 2022 FIFA World Cup.
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All these aspects, coupled with the new foreign ownership laws, opens promising prospects for investors to enter into strategic partnerships that will benefit the various groups of society, given the expected investment returns in these areas. Over all, Qatar has achieved and sustained economic growth all these years, and has succeeded in turning challenges into opportunities! The upcoming 2022 World Cup is a golden opportunity for Qatar, not only to highlight its profitable investment opportunities, but to also shed light on the cultures and values that it possesses. Qatar will undoubtedly be a global centre of excellence and development in all aspects, with the benefits extending across all sectors of society.
This article was published as part of the sixth edition of Property Finder Qatar’s Trends Report.
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