Investment in Real Estate -Doha Municipality
Good Afternoon Qlers !!
I am sure most of you have heard or read the news of Real Estate investment
opportunity offered by Doha Municipality recently ! If not here is the link :
http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=211998...
The day this news was released, next day I paid a visit to Doha Municipality office located in Al Saad and met with a young Qatari gentleman who is Head of Real Estate Registration Department for Non Qataris. (on the 1st floor)
When I reached his office door, I heard him talking on the phone. I stopped at his door for a second, thinking that he might get upset if I knock and enter his office while he is on the phone. (All those scary feelings which most of the expats has in their hearts for the decades)
Anyhow, to make the story short, after 2 - 3min. waiting I knocked and open his door and he was still on the phone.. before I say something, he puts his phone on hold and give me a smiley welcome in his office and offered me a seat and immediately called the office boy to bring Arabic tea for me, and he requested me to excuse him since he has to complete his conversation with a customer on the phone.
I was really impressed with his hospitality and for a second I was thinking of those people who always complain about Qataris in general. They must know that there are Good and Bad people in every Nation!!!
Anyhow, my main intention of creating this thread is to share my experience and information that I have gathered from the DM office regarding real estate offer for Expats (Non Qataris).
Later, I was met with Engineer Mr. Anas who explained to me how this 99 years of lease system work, also he gave me ”Customer Guide" booklet in Arabic, he mentioned that they are working on English version and soon it will be released on their website.
Some of the rule what he explained to me which I am mentioning below:-
1) Expat can only buy and sell properties within the location described in the "Custormer Guide" (I have attached scan copy of Loactions in Arabic and also translate it into English in a word file for your easy reference)
2) Properties can be anything such as Land, Villas (old/new), Flats (old/new), Residential Buildings, Hotels, etc ...
3) Once the Expat has agreed to buy the property from the Qatari (payment conditions will be between buyer and seller, Dm will not involve in this matter), both Expat and Qatari national who will be the owner of the property will visit the DM office to complete the paper work i.e DM will issue 99 years lease contract in the name of buyer and the Qatari owner will remain out for 99yrs and he will have no rights on the property until the said period expires.
4) If Expat wishes to sell the property to another expat, the lease period remaining shall be transfer to new owner, say if he sells the property after 10yrs the new owner will have lease period for 88yrs only.
5) If Expat is buying a Land, he must start building his house or whatever within 1year from the date of 99yrs contract issued.
6) Expat will have full right to live in the house or rent it someone or sell out within the lease period.
7) DM will only ensure that the property is legally transferred, and if the property is old (say 5yrs plus) then they will inspect the property to ensure that the property is as per safety standards and then Contract will be issued endorsed by the DM.
Well, this all I know for now, for other queries please visit DM office or give them a call.
I personally think it is a great opportunity for Expats to investment in these properties and this is the right time to do it.
For me currenty I am paying rent for my house, if I buy a small house thru bank finance, the rent which i am paying to the Landord, will go into my bank installments against my mortgage !!
Speed
willing to sell their properties in Qatar.
Most of the properties for sale are advertised in Arabic News papers... If you cannot read Arabic you may ask any of your Arab friend to find some properties for sale.
Else you can contact Real Estates, I am sure they will have some sellers.
Hi Speed, thanks for the excellent info!
Where do i start to look for a house/ villa? The newspapers don't seem to have any listing of properties for sales. Agents? Don't seem to be responsive? Please share your experience if you have already bought one. Thanks!
Hi Speed, thanks for the excellent info!
Where do i start to look for a house/ villa? The newspapers don't seem to have any listing of properties for sales. Agents? Don't seem to be responsive? Please share your experience if you have already bought one. Thanks!
Does anyone know where this type of property is advertised ? Is there any Arabic magazine / paper that advertises it ?
What I want is to buy some shanty town style / old villa / old builing in Doha or outskirts.
I don't mind about the 99 year rule since I have several Qatari friends will to do this for me.
without doing a proper indepth assessment.We need to take into consideration a few points:
1. Whats the expected resale scenario - Feasibility as well as financial. Qatar being a 'growing market' also means that there is an abundance of properties to choose from. What is it that will ensure that you get a good return when you want to dispose it.
2. For posterity, what are the terms and conditions at the end of the lease. Will an extension be allowed? If yes, how much will it cost.
3. The trends in the real estate sector here are quite dramatic and depends on macro economic circumstances ( just like in any other country) but there is a very strong dependence on the political climate. Are you ready to take the risk?
I'am just being a devil's advocate. I'am considering all these options.
Source:
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investment in real estate is a good idea to save your money....
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Good Morning , this is the catch it will go back to the origianal owner after 99 years, there is a great deal of property like that in Britain, and I did find some of this in Germany especially if you want to buy a flat.Conveyancing
http://www.qatarliving.com/node/583485
I feel that 99 years it is a short time for investment... There is other hidden laws not being told after all.
What would happen, if the buyer dies and is married. Would the survivors, example: spouse or beneficiaries be able to keep the property? even do, If they are able to continue paying for it.
Anyhow, I doubt anyone here will lived to 99 years before that fine place is under water.
I'm only 199 years old.
good info.
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I just want to know if there are things that I am missing. I have been told that one way to check whether a real estate market is growing is to check the population growth rate in that area. now ive just done a quick scan on the internet and it seems that the pop growth rate of qatar is just above 7% (correct me if im wrong).
and with predictions of a 10% inc in GDP for 2009, compared to all other countries experiencing negative GDP's surely this is a good indication that the market could be a safe investment.
Im not looking to become rich off of one deal, im more interested in gaining experience in property development and hopefully starting my own company soon.
You can apply for a special visa/RP after "buying/leasing" real-estate in order to be able to come and go as you wish.
It's quite expensive and you can't work with it (But you could be a landlord :) ).
you may need a NOC before being able to apply for this new visa.
why do you say this?? is the market dropping?? prices of houses??? i want to learn how to decide when is right and when is not...
My answer is NO, not now...
______________________________________________
Every society is judged by how
it treats it's least fortunates.
sorry to bring up an old thread, but i think with entering 2009 we should discuss the future of investing in property in qatar in 2009.
i work for a construction company and we utilize a very unique method of construction, which gives us an advantage of time and cost of building.
im interested in buying property and building a compound or a few villas.
is it still worthewhile in investing in qatars real estate market? or should i wait?
i am really young, so it will be my first major investment, so dont really feel like going bankrupt at the age of 23 :) haha
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My own opinion and according to the reports. Now is the time to sell and not to buy.
===================================== http://www.qatarliving.com/node/58409
One should be carefull when doing the calculations.
Have you noticed that banks were offering 100% financing. Then it became 90% and not it is 80%. Simply because the risk is going higher.
Among other things. One should consider the possibility of rents going down. OR no rent for few months or few years
Added to that. Should calculate the municipality fees and the monthly/annual maintenance and services fees.
===================================== http://www.qatarliving.com/node/58409
Thanks for the Info
post..just to bookmark this thread.. :)
[img_assist|nid=12867|link=none|align=left|width=|height=0]Nothing in life is to be feared. It is only to be understood.
very profitable... and you don't need 1 mln dollar to invest..lol... $150-200,000 is more than enough...
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Good Morning , this is the catch it will go back to the origianal owner after 99 years, there is a great deal of property like that in Britain, and I did find some of this in Germany especially if you want to buy a flat.
Yes after 99yrs the porperty will go back to it's owner and the owner will not buy back it's will just to go to him (free)
If you have experienced in real estate you will dig gold from the sand :-)
Or you can invest in any reliable real estate and get your monthly commission on properties ...
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Lots of great info,
Thank you all
Math 4 All
You did not consider the bank charges/interest
===================================== http://www.qatarliving.com/node/58409
but i don;t think you will be able to get whole amount back in 4 years... here is example.. you buy some property for 3,000,000 QR. let's say rent of this place will be around 18,000 QR a month.. so you need about 166 months (or almost 14 years) to get your money back...
he buys it.. but he buys it for a period of 99 years.. after that he has to release the property to the owner.. and if i aint wrong the property cant be given to another person.. and regarding making money.. if u buy a gud property u shud be able to get the entire amount invesyed in 4 years or so..
but does he actually BUY a property? or just kind of rent it and pay the rent on monthly basis?
the "buyer" or investor can use the properly for 99 years. Like using it as a residence or having it rented or use it for business purposes like offices or shop or any commercial activity. Also if the property is a land, the "buyer" can build something on it (villa or building).
Briefly, he can use it the way he likes. Then after 99 years it goes back again to the original owner
===================================== http://www.qatarliving.com/node/58409
i ve got a question... you say, property will go back to owner after the expiry of 99yrs lease ... how does it work? does it mean the owner should buy this property out after 99 years lease? ? if not, how one can make money out of it?
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Peace
"He said I was ugly and I couldn't read good"
--Dave Chappell (1973 - to-date)
Thank you ... well you can get all the info in the leading news paper under the property !
It is very difficult to say exact amount since rates in every project differs ...
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what's the website where they'l be uplaoding the client guide?
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Quidquid latine dictum sit, altum sonatur.
This is by far the most useful thread ever on QL speed.
Someone mentioned the prices these days are sky high. How do they compare with dubai? From my limited information, i had figured that its about 1500 QR a sq ft in pearl whereas the comparable property in dubai, the burj its around 2400 AED per sq ft.
Can anyone give accurate figures?
thanks
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Quidquid latine dictum sit, altum sonatur.
Thanks .. I changed the name of the file !
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Hi Speed, tx for the info. can you change the title of the attachment as it states that the areas are for freehold. It shd be 99year lease. The only freeholds are in Pearl and Lusail if i am not wrong.
Yes the property will go back to owner after the expiry of 99yrs lease ! it is only good for investment purpose !
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It is difficult to tell what is the min. cost of the property since it depends on type of property/size and location !! you have to do some research or speak to real estaste people or read the newspaper (property page)
Regarding income bracket for expat .... this you have to check with different banks since each bank has it's own policy..
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Thanks for the info.
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Interest rates are in the region of 8-10% and the mortgage term ranges from 15 to 30 years. I have looked into the mortgages myself and the rates work out to be roughly the same when you factor in the initial costs of borrowing the funds. Be careful with the flexibility aspect of the loan you take on board. Make sure that you are allowed to pay off lump sums at anytime during the term without being charged a penalty and make sure that this is contained in your paperwork. This is essential especially if you are condsidering a 99 year lease property and you may need to sell early to recoup your profits. If your intention is to sell, than make sure you sell with plenty of lease period remaining as the new buyer will not be able to secure a mortgage on a property with a short term lease. Check out the rules before you commit. Good luck
What are the interest rates on such a bank loan in doha
What happens to the property after 99 years? Will it go back to the government? What about my great grand children (in 99 yeras time) right now I only have a daughter, but you never know lol?
Aisha-Taweela
I met Qatari officials in Labour Department in Industrial are when I accompanied my friend to file complaint against his employer and we found them nice and very accommodating.
Go back to Real Estate investment, how much it will cost an expat? What income bracket for an expat to be able to qualify for such investment? How much is the minimum cost of property?
Thanks
thanks.
DM office is located in Al Saad Area ... If you know HSBC bank on the signal ... it's a same building also Head office of QP is next to it.
Regarding land, to be honest i did not ask him about resale of the plot and extension period ..
But I think lets wait for the English version of Customer Guide otherwise you may take Arabic booklet from their office and get is translated from somewhere.
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thanks for the info speed.valuable info. where is the municipality office and what time are they open? actually i have a few questions of my own.
firstly i am more interested in buying land for investment purposes but being forced to construct on it within a year doesnt make it that faesible.can i sell that land within a year and then the new owner can get another year to decide whether to build or not?
Price are ok as per today's market .... but if you buy the property today and once the demand is high .... your property value will shooooot ....
I am looking for a Qatari who selling small decent house, if agreed on price I will take it thru bank ! at least the rent what i am paying will go into my savings !
If you find anyone please do let me know immediately ..
Thanks
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Thanks for the in depth information....
that was really good.....
i m looking into properties through some qatari frnds but mind u that the price are sky high...
Peral Qatar is different project started long back .... the recent development in real estate by Govt. of Qatar is that now we can own property in the City such as Al Saad area (but limited to Zone number) you can see the attached list which I translate from Arabic to English for non Arabas.
If you have read the news article (click the link above) they have clearly mentioned that :
****
(Based on that visa the owners will be entitled to enter Qatar and bring their family and parents,” he said.
“The
non-Qatari owners of real estate in these areas, including expatriates,
will not be subject to the current sponsorship law. They can leave the
country without seeking an exit permit from the sponsor and stay for 99
years which is the ownership period,” he said.
However, al-Atiq said these owners will not be eligible to work in Qatar without permission from the authority concerned. )
******
I am sure they will also all to sponsor maid, but in my next meeting with the raise this issue with him. I am sure this law does not come from DM itself but from Doha Immigration dept.
Like others, I am also new but it's good if everyone put their comments and once i meet Head of DM, i can raise these issues with him and clearify with him.
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Hi Speed,
Thanks for the info, very valuable much appreciated.
Just last month my hubby decided all of a sudden and bought a 3 bedroom apartment at Pearl Qatar.
Initially he was tempted to invest at Lusail Development Area but later felt Pearl was a better gamble.
We bought the property from The Land at Porto Arabia and the property is already sold off - like hot cakes.
One good thing about Qatar is the booming economy and the sane vision of the ruling couple who have ensured that Doha apes the good things of Dubai without copying the bad. Though its a tall order I think they are doing pretty good changes for Doha.
One area of confusion is the visa status of expats like us who have comitted to invest nearly 2.5 million QR in the project - how many dependants can we bring in to Doha?
Will we also get maid visas like how owners of free hold properties in Dubai get?
When we contacted the Land Developers they say things are still fluid and that rules are going to be made more investor friendly ina few months.
No one knows much but when I saw your artilce I was happy- It only reiterates that my husband did a sane decision and as you say the investment is as good as gold.
Lets hope the Pearl doesnt flop - it might blow the bubble in which Doha seems to float.
Please keep us informed about this person who seems so friendly. We might as well meet him in person when we return from our Europe trip
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i think Qatar can be home and I can open business while my husband work for oil and gas but the question is the law itself. will they treat us equally? will our right as property owner for 99years will protected it?? what happen if you buy example villa or apt and in 50 years they will demolish for some advance public buliding, what then??? guess i need to study the law about this foreign owner property.
Everybody is right Everybody is wrong, it depend where we stand.
If you seriously look into this .... u can dig gold from the sand !!
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well is cool job buddy, and make me thinking to settle in Doha forever. hehehee
Everybody is right Everybody is wrong, it depend where we stand.
Hi, it was my personal visit not official .... I noticed that many people were inquring about investment opportunity, so I just thought to share with them and others !!
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wow speed such a good job you have, meeting with Doha Municipality and met wonderful people specially the Qatari. Well done. and thanks for sharing this valuable info. have a good day.
Everybody is right Everybody is wrong, it depend where we stand.
Not able to upload arabic version file (size: 252KB) It says 10MB quota exceede ! Pls. help .. I think it is due to text ?
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