Cityscape Qatar showcases unique real estate projects

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Minister of Commerce and Industry H E Ali bin Ahmed Al Kuwari opened yesterday the eighth edition of “Cityscape Qatar 2019” exhibition at Doha Exhibition and Convention Center, where exhibitors from Qatar the Middle East, the UK, Europe, the Far East and North Africa are showcasing their projects.

In his speech, the H E the Minister said that the Qatari real estate market is witnessing favourable conditions for investors, registering more competitive prices during the current year, which has contributed in attracting the investors looking for high-quality real estate.

He added that the volume of transactions have recorded an annual increase of 20 percent during the first quarter of 2019, while residential real estate supply reached 293,000 units in the first quarter, with the delivery of 3000 apartments and villas in different areas in the State.

In 2019, construction was completed in 10,000 new units, 67 percent of which are in The Pearl-Qatar and Lusail areas, the Minister added.

 

H E Ali bin Ahmed Al Kuwari stressed the significant of the 8th edition of Cityscape Qatar as it follows the issuance of the law identifying the freehold zones, which allows non-Qataris (individuals and companies) to own and benefit from real estate by 100 percent in a number of areas within the State of Qatar, affirming that the law will lead to a positive transformation in the real estate sector in Qatar and drive the economic growth in the country.

He added that the new law provided for additional benefits for investors, including the acquisition of permanent residence for the owner and his family when buying real estate assets worth $200,000 for the entire duration of ownership, in addition to giving additional advantages to owners of estates that worth more than $1m. 

These include free education and healthcare, as well as the possibility to invest in specific areas in Qatar. These advantages include the owner’s family and extend over the ownership period.

Based on the amendments approved by the Council of Ministers, 16 areas of usufruct for 99 years, and 10 freehold areas including residential and commercial real estate, have been identified. As part of the facilities provided, all services, purchase transactions, bond issuance and concessions related to these real estate services will be provided through the single window of the Ministry of Justice, H E the Minister noted.

He noted that the new law has received positive feedback from those concerned in the sector including developers and experts in market strategies, considering it a key element to attract regional and international investors to the local real estate markets.

H E the Minister of Commerce and Industry also commended the offers made by the development and finance companies to encourage real estate ownership through affordable payment plans and new options for home finance.

HE Minister of Commerce and Industry, Ali bin Ahmed Al Kuwari, highlighted the new projects which have remarkable presence in the exhibition, including the Qetaifan Island North Project, the new expansion project of Hamad International Airport, and other major projects.

Regarding real estate brokers, H E the Minister said that real estate brokerage services have been organised and new standards have been created by providing an atmosphere that contributes to raising the efficiency of real estate brokers through providing distinctive services, reducing speculation, and creating an environment based on sound bases.

Running in parallel to the exhibition, the Cityscape Qatar Conference provides an overview of the various sectors of the real estate market in Qatar. The conference hosted keynote presentations and discussion sessions focusing on the overall returns of the residential sector in Qatar.

Source: www.thepeninsulaqatar.com

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