Qatar has set its sights to the future with the realization of Lusail, a hypermodern city in the heart of the desert. More than a playground for the ultra wealthy, the city is a model for sustainable development and stretches the limits of technology as it pertains to energy efficiency and green living.
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An overview of investment opportunities in Lusail City
Lusail offers exciting investment opportunities for international buyers as the government now permits 100% foreign ownership of real estate. Cabinet Resolution No. 28 of 2020 provides the conditions for foreign real estate ownership in Qatar and identifies which areas foreign nationals may rent or own land under certain conditions:
Foreigners can own properties in nine locations as well as rent properties in 16 locations listed in the resolution for up to 99 years.
Foreigners may own a detached residential unit and a second detached commercial unit, such as store space or an office under the condition that they don’t modify the appearance, or size of either unit.
Foreign property owners have the right to sell or rent property with no restrictions.
Foreigners who buy vacant land must finish construction within four years from the date of land registration under their names.
Foreign property owners and renters are eligible for permanent residency if they reside in the country at least 90 days each year. Residency will be granted after they close the sale or secure a rental.
Owners and renters of properties valued at QR 730,000 (roughly USD $200,000) or more are eligible for residency permits for themselves and their family members.
Foreigners who own or rent properties valued at QR 1 million (roughly USD $274,725) or higher are eligible for permanent residency benefits, which include free health care and education for themselves and their families.
The Ministries of Interior and Justice have opened an office dedicated to real estate use and ownership of non-Qataris in Lusail City. The office serves as a single point of contact for international buyers and investors interested in Lusail apartments for sale. It handles all requirements and procedures related to the sale and purchase of Qatari real estate covered by Cabinet Resolution No 28 of 2020.
Why invest in Qatar in 2022?
Positive economic forecasts for 2022
Qatar is poised for economic growth along with its neighboring Gulf countries. The country is expected to grow at a faster pace in 2022 than previously thought, with crude oil prices driving the economy. Qatar’s economic growth is expected to average between 3% to 4% this year, which is the biggest growth prediction the Gulf nation has had in years.
Crude oil prices were at their highest at the start of the year, a surge that hasn’t been seen since 2014. Experts believe that tight supply and escalating global political tensions among major oil producers like Russia and the United Arab Emirates are responsible for the price hike.
Outside of crude oil prices, Qatar is also diversifying its economic base as part of National Vision 2030. The nation is expanding to cultural and sports tourism in a bid for long-term economic growth. To achieve its economic goals, Qatar is promoting the increased and diverse participation of Qatari nationals in the local workforce as well as a more targeted participation of skilled expatriates.
With other Gulf nations ending their three-year blockade of Qatar, investors can expect improved regional integration between the country and its neighbors. The loosening of political and economic sanctions has paved the way for open economic structures within Qatar as well as improved coordination with regional economic organizations. These developments will make it easier for Qatar to establish stronger trade and financial ties with its neighbors.
Global events that unite Qatar with the international community
Qatar is hosting an array of high-profile cultural and sports events in 2022, including:
Commercial Bank Qatar Masters 2022 will take place in the spring. This prestigious golf tournament has been held in Doha since 1998.
Grand Prix of Qatar is scheduled for March 2022 and is one of the most anticipated events in the Grand Prix motorcycle racing calendar. The event will be held in the Lusail International Circuit.
Fashion for Relief is a three-day charity event organized by the Qatar Africa Business and Development Forum and will be hosted by top model Naomi Campbell.
Qiaf Art Festival is the largest art festival in the country with art exhibitions, master classes, art symposiums, and cultural tours being held over a period of six days.
Qatar Balloon Festival is a 10-day festival featuring live music, food vendors, and 35 participating hot air balloons from around the world.
Halal Qatar Festival gives breeders the opportunity to showcase their finest livestock and sheds light on Qatar’s sheep and goat breeding industries.
Qatar Marine Festival is an annual event that traditionally takes place along the waterfront and features Siberian performing seal shows and other marine act from around the world.
FIFA World Cup Qatar 2022 will take place from late November to early December with 32 participating teams from around the world. Qatar beat Australia, Japan, South Korea, and the United States to host this prestigious international football championship.
These are just some of the highlights of Qatar’s events calendar for 2022. The country hosts many art, fashion, and sporting events throughout the year. Click here for more events.
An overview of the rental market in Qatar
Qatar has a diverse rental market that provides world-class housing for both Qataris and foreign nationals. International buyers can choose from a large selection of Lusail apartments for sale. These apartments range from modern condos to Mediterranean-style villas with views of the waterfront. These homes come in a variety of layouts, property sizes, and amenities to suit each taste. The housing stock is primarily made up of one to three-bedroom apartments.
The benefits of investing in Lusail City
There is strong demand for housing in Qatar, which is primarily being driven by the 2022 FIFA World Cup and other global events scheduled to take place in the country.
Several high-end developments in Al Sadd, Lusail, and The Pearl Qatar reported a single-digit increase in rent. The addition of over 700 residential units in 2021 also helped ease pressure on the rental market.
The Qatar 2022 Official website estimates that over 1.5 million people will travel to the country in support of the football teams playing in the World Cup. The FIFA World Cup, in particular, caused rental rates to skyrocket in the second quarter of 2021 though real estate experts saw the market stabilize in the third quarter as the event drew nearer.
The Gulf nation is home to over 2.1 million foreign workers employed in various industries and make up roughly 88% of the total population. The number of foreign workers in Qatar has increased by 40% leading up to the FIFA World Cup and contributes to the demand for rentals in the country.
Expat Focus estimates that around 500 expats arrive in Qatar each day. Many are drawn to the lifestyle, business opportunities, and competitive salary packages that the Gulf nation offers.
The majority of the population reside in Doha though Lusail offers a wide selection of new construction homes, including condos and villas in a variety of layouts and sizes.
As previously mentioned, foreign nationals who purchase or rent high-value properties in Qatar are eligible for permanent residency. Permanent residency comes with various benefits, including free healthcare and education. It also enables foreign nationals to stay and work in the country without the need for a visa.
When acquiring Lusail apartments for sale, foreign nationals can potentially profit from the rental market as work opportunities and global sporting and cultural events draw crowds to the city. It also allows them to enjoy a high-quality of life in a vibrant and modern city like Lusail.
An overview of the real estate investment market in Lusail City
The main selling point of Lusail’s residential units is that they are all smart homes with sustainable features, having been built using green and environmentally friendly methods. Moreover, these homes are newly constructed and are some of the newest housing stock available in Qatar.
Lusail also offers land for sale, including waterfront and residential land plots. The availability of land presents buyers with the rare opportunity to invest in one of the most ambitious projects in the Middle East.
Lusail City is hosting the 2022 FIFA World Cup, which opens up many investing opportunities for foreign nationals. Beyond the sporting event, Lusail is also set to become a tourist destination with family-friendly attractions and world-class amenities. The city is expected to attract visitors and foreign workers beyond the World Cup, which is only the first of many prestigious events that will take place in the city.
Lusail as a Smart City with exciting urban development projects
Lusail was designed with sustainability and quality of life in mind. All residential units in the city have green features and smart home technology. Its buildings have a modern cooling and water system that conserves energy and minimizes residents’ impact on the environment.
Attractions and activities in Lusail
Lusail Marina Promenade offers views to the Gulf waters and is lined with food kiosks, walkways, playgrounds, and marinas.
Crescent Park is a 275,000-square meter park with a forest, football field, sports courts, food outlets, and sustainable features that make use of recycled water to irrigate green areas.
Place Vendôme Qatar is a luxury mall with designer fashion, luxury brands, fine dining, and family-friendly entertainment.
Qetaifan Island Waterpark features an 85-meter water slide, the highest slide of its kind in the world, along with 36 rides and play structures.
Lusail Stadium is an 80,000-seat, state-of-the-art sports stadium that will host the 2022 FIFA World Cup finals.
How to invest in Lusail apartments for sale
Investing in Lusail real estate is a fairly straightforward process with the government establishing an office dedicated to assisting international buyers and investors. The Office for Non-Qatari Real Estate Ownership expedites the process for international buyers provided that they meet all the requirements for ownership and the benefits that come with it. The office is located at the Ministry of Justice (MoJ).
A short guide to buying or renting an apartment in Lusail City
Foreigners who want to live in Lusail or invest in Lusail apartments for sale can submit a request to own real estate to the Office for Non-Qatari Real Estate Ownership. The office can produce the title deed in less than an hour as well as provide an issuance of residency upon the completion of ownership or use procedures through an automated system if the property is worth less than QR 730,000 (USD 200,000). This enables foreign property owners to obtain a residence permit without the need for a recruiter for the duration of their ownership of the property.
How to find property to rent or purchase in Lusail City
Foreign nationals can find a suitable place to stay in Lusail City with the help of 25 Spaces Real Estate. They can also start the search using credible real estate websites, where they will find listings based on their desired location and price range. If they have personal or business connections in Lusail, they can ask for referrals and leads on available apartments.
Why is this the right time to invest?
This is the right time to invest in Lusail real estate because the city has not yet been fully built out and there are still many available properties in the market. Competition for the best priced properties is not yet very high, giving less experienced investors the chance to acquire prime real estate.
The 2022 FIFA World Cup is expected to generate interest in the city, attracting new residents and vacationers. There is also greater interest in smart home technology and sustainable living among international buyers who want to minimize their impact on the environment.
Lastly, real estate ownership by foreign nationals is part of the Qatari government’s long-term plan for economic diversification as well as its goals of Qatar National Vision 2030. The current business climate is conducive to foreign ownership of real estate with the government reducing the barriers to entry.
The Ministry of Justice (MOJ) has also announced that real estate ownership by foreigners will help contribute to the general advancement of Qatar’s real estate market. International buyers who want to invest in Lusail apartments for sale can expect to get support and favorable conditions from the government during this time.
Discover Lusail real estate with 25 spaces.com today
25 Spaces Real Estate serves the needs of international clientele in Qatar. Established in 2013, our company offers enhanced services to help clients find the perfect property in Doha, Lusail, and other cities. Contact us at +97455090887 or send an email to Tamara@25spaces.com to get started. Qatar is a place of opportunity and we’re here to help you make the most of it.
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