Buying a property in Doha

Good for you. I guess its value increased a lot.

estate sales arizona

hello our father buy same property in 1958 in qatar when it role under British .we have document of that time .we are not Qatari national so how we transfer our property according to new law

@monique, doesn't sound like he's nuts when he's made a healthy profit.

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Mr. Q's Blog - A Qatari's view on Qatar.

I know very well what do you mean about the real state agents.

What is the actual price at the Pearl (by sqm.)?

U must be nuts to buy a property here or even think abou it. Perth, along the MArgaret River has great properties, or anywhere in Perth for that matter. Same with Sydney, Melbourne, Brisbane........

C O N G R A T U L A T I O N S congratulations !!!!

We are VERY HAPPY for you and your family.

Thank you for sharing. I will look at that web also.

Beleive it or not, I am feeling your happiness.

Have a Great day.!!!!!!!

There are quite a few threads on the Qatar property market, so I hope this reaches those who are interested.

After a year on the market, I finally sold one of my apartments on the Pearl development.

In previous threads on this subject I have ranted about the crap service received from so-called estate agents here in Doha, and I take nothing back.

My properties were listed with no less than 5 separate agencies ....... and not one of them managed to get a sniff of a buyer. How did I sell the apartment? On a free website called JustLanded.com and after just 2 weeks on the site.

Now the important part: those Q'Lers who commented on the property market previously were (as I was) very interested in whether or not anybody would actually make any profit on properties here as the resell market was an unknown.

In my case, after taking into account the costs associated with accrued interest due to the apartments being more than a year late in delivery, I am happy to say that I made a very healthy profit.

While I realise that this sale probably "bucks the trend" in terms of what the property market is doing right now, the message is very clear: don't rely on agents here - most of them are about as much use as an underwater hair dryer.

For anyone out there still trying to sell, I wish you every success and hope that you are as lucky as I have been.

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"I told the doctor I broke my leg in two places. He told me to quit going to those places". - Henny Youngman

666, IBQ's terms are very clear and to the point compared to other banks. we tried three different banks but the clauses were vague and unclear. do your homework before signing.

@ringo, you said "a 2 bed apartment cost between 1.5 to 2 million ryals here " I need to correct you, 2 bedroom apartments in LUXURY areas/buildings cost that much.

On a side note to the thread starter, if you look at Lusail, you can get a studio apartment in the Piazza for around 750,000 if I remember correctly.

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If you look at Damac Properties (Lusial Piazza 2), their price is over QAR 16,700 per square metre .......   ... and the Lusail development is supposed to be cheaper than The Pearl!

I'm glad I bought on Saban when I did - I think it's time to sell though before the rest of the developers on Lusail release their properties.

Anybody wanna buy a 4 bedroom flat on the 18th floor, West Bay view?

i suggest u go with the one that the developer deals with... it will be much easier... but u can shop around, if any other bank giving a better rate go for it... but all banks do not finance all projects...

other than mortgage interest which is round 7-8%, there shall be one time commision of around 1.5% of the mortgage amount, and if in the future u choose to cancel the mortgage, ie u sell the apt when u think u made enough money, they can charge u a penalty for that, around 1%. And finally in addition to martgage payments u will pay mortgage insurance monthly, but this is very small amount...

so besides these there shall not be any other hidden charges. i don't know how u came up with 12-15%?..

Ratso, Which bank are u dealing with. Dar properties have told me to go either with QNB or IBQ. Which one is better in terms of intrest rates?

my personal opinion is real estate investment in qatar is very promising and lucrative....

look how much gas/petrolium this little country has, and how much investment is being done to utilize from them.... and unlike dubai there are no estanblised neighbourhoods where expats can leave, yet... Pearl and Lusail are coming.... But they cannot meet the demand. Look to Dubai soo many projects to choose from, Qatar has only two developments, Lusail still being a desert.

if u compare the population expectations and the amount of supply that is under construction, the rents will continue skyrocket. By 2012, Pearl can house 60,000 and Lusail MAY 200,000. But they estimate the population of Qatar to increase by 500,000.

I do not agreee that interest rates are 12-15%. I pay at 8% plus mortgage insurance. My mortgage for 20yrs fixed at 7000 for a 1BR. Look at the market now, for 7000 u can hardly get a 1-2BR in a crapy neigbourhood. But 2-2.5yrs later I will be living in a nice green neighbourhood with all amenities for 7000. I will be paying same 7000 after 5, 10, 15, 20 years...

Yes it is true that unlike Dubai, u cannot buy a property and live in it, right now. You have to wait for some time... So buying here is good for only investment purposes, no way out to get rid off rent.

And it is true that quality is very bad!!! unbelievable, u pay 10000-15000s for a 1BR in West Bay, and everyday u face another problem with the apt...

Well, it is a personal decision on risk. Higher returns come with more risk...

Good luck...

Look at it this way - you are going to be paying rent anywhich way - if at the end of the period you are able to cash in your payments - excellent - else- in case there is no refund on rents paid!

I'd say, even if the property isnt ready today. most banks are willing to start the EMIs after the possession is completed.

I am also in the same boat. I am thinking of getting a two bed room appartment for investment. Plan is to sell it on possesion in August or September.

Market rates are on the higher side if you compare it from Dubai. Also there are so many hidden charges the interest rate will end up at about 12%-15%.

 One more thing here is quite intimidating, the builder are increasing the prices at their will. Last time  went to check one builder, he quoted me 1.8 million for a two bed room and than advice me to get one from him at 1.6 mil from open market and he will charge 20,000 as his comission.

Now we have two different rates here, so what is the realistic rate?. Upon completion, the increase will be what? If  buy from builder I am already at a loss.

One more interesting thing I have come across is the price hike/speculation, Tuscan by Saban builders in pearl has increased 20% last month. Now they are selling at 12500 per sqm. Last month it was 10500 per sqm. 

Is this the case that almost all the building has beed sold and to persuade the possible buyer, they are showing the lucrative returns on the insvestment to secure their new project....................

Damn I am confused. 

I know next to nothing about all this, but since I am not particularly busy at work today....

From a residential point of view, there is nothing to purchase, I think.  It's all currently under construction.  So you will find yourself having to rent in the short term.

There could be arguments for buying a property to sell in the short to near term as a speculative venture - buy and sell off the plan with a hope of making a capital gain, but to be honest I am not sure that long term there is a lot of money to be made in holding and owning property here.

I don't know about how many companies are being lured to Doha, and what the demand for high-end freehold property will be as a result, but in my 2 1/2 years here, I've seen nothing to make me think that Doha will boom in a fashion similar to Dubai. 

I think you are better off finding a modest rental and saving your money to buy when you return to Australia, which is what I am planning to do.  I just don't trust the local legal system when it comes to honouring contracts and agreements - there is no consumer protection generally, and that's not a risk I would take on such a huge investment.

Similarly, I wouldn't be too interested in buying off the plan in any development, even if the builder has a good reputation.  In Doha you can almost guarentee that anything constructed is constructed with flaws and defects.  Why shell out a lot of money for something of unknown and untested quality.

Just my humble opinion.  I know others have more faith in purchasing property here and I would love to hear their opinions.

hi there, i was told to do the same thing by my boss, but ive come to realise that there is no assurance in the property market here. what i mean is that property buyers are not protected by the law in anyway. i will rather stay in a rental, and use the money to buy a whole villa in australia. a 2 bed apartment cost between 1.5 to 2 million ryals here and that will definitly get you a whole house in Oz.  this is what i think , but if you still feel like going ahead with it then all i will say to you is GOOD LUCK.