The recent announcement on the conditions and controls for foreign ownership of real estate in Qatar raises the bar of foreign buyer confidence in the country. With this development, Filipinos and other south east Asian expatriates can now join the home ownership ladder in Qatar, an opportunity which used to be limited to high earning western, Arab & south Asian expatriates only, the Association of Filipino Realtors & Entrepreneur Executives in Qatar (AFREEQ) has said.
According to AFREEQ Chairman Joseph Timothy Rivera (pictured), entry level properties in new modern developments in the Lusail City area are currently priced fairly starting at QR8,900 (Php 115,000) only per sqm which is actually the very same average price per sqm for middle-class condominiums in Metro Manila in the Philippines.
In fact, some of the high-end properties in Fox Hills also in Lusail City priced at QR14,441 (Php 187,733) only per sqm are actually far lower than the cost of similar luxury properties in the upscale Makati & BGC districts of Metro Manila costing around Php 224,000 (QR17,230) per sqm. Even in the resort island community of The Pearl Qatar, prices of apartments average at around QR10,000 (Php 130,000) only per sqm for units with community views while units with direct marina views start at around QR12,000 (Php 156,000) only per sqm. These prices are still relevantly competitive than the cost of similar properties in Manila’s Entertainment City which peaks at around Php 300,000 (QR23,076) per sqm.
“Though the above figures in Qatar are mostly for completed & ready-for-occupancy units that may require significant down payments, there are still some developers that offer low down payments of only 20 percent that allows you to move-in with interest-free installment periods of up to 5 years. Some off-plan or preselling projects even have payment schemes starting as low as 5 percent deposit,” said Rivera. He added that these developments would also need the support of financial institutions in order to make it affordable for the middle class and upper middle class expatriate workers, noting that mortgage tenures for over 15 years would soon be available from banks or for developers to at least offer lease-to-own schemes as well. With these financial considerations, investment and home buying confidence would certainly rise especially for those who see themselves living in Qatar for at least 10 or more years, Rivera added.
“With the anticipated rebound of property prices, the business aspect of buy-to-let options would remain lucrative even with the current pandemic situation. At present, landlords in Lusail City & the Pearl Qatar enjoy rental yields of at least 6 percent per annum.
The prospects of even average earning expatriates to invest in affordable Qatar property based Real Estate Investment Trusts (REITS) is now also on the horizon. With massive properties available in the current 9 freehold areas and 16 99-year leasehold districts, more and more expatriates including Filipinos can now free themselves from paying rent and avail the privilege of owning their own homes or business establishments,” he added. Rivera also noted that the residency privileges for buyers and their family members for those who own properties with at least QR720,000 value as well as the permanent residency benefits for buyers of properties worth QR3.65m are just a few of the many perks that foreign buyers can enjoy in Qatar.
SOURCE: THEPENINSULAQATAR