Wednesday, April 17, 2024

Qatar Secures Fourth Place in Residential Real Estate Investments

In a notable development, the State of Qatar secured the fourth position in the inaugural 2024 “Houserich” residential real estate investment index. Ireland claimed the top spot, followed by Cyprus in second place, and the Sultanate of Oman in third. The United Arab Emirates, taking the fifth position, was succeeded by Malta, Costa Rica, and Georgia in the subsequent ranks. Armenia and Bulgaria rounded out the top ten globally.

Qatar

This groundbreaking index underscores the region’s appeal as a stable and reliable haven for investments, particularly amidst declining real estate markets in Europe and North America due to anticipated prolonged periods of higher interest rates.

The Middle East’s real estate market has experienced a resurgence, fueled by an influx of entrepreneurs, high-tech startups, and high-net-worth foreigners. This trend has further intensified with the diminishing allure of the British real estate market post the United Kingdom’s withdrawal from the European Union in January 2020.

Oman and Qatar are emerging as key players, attracting global investors seeking secure and stable cash flows. These markets present themselves as attractive alternatives to traditional investment destinations, offering promising opportunities for portfolio diversification.

Mark Wilson, Advisor to the CEO and Head of Research at Houserush, highlighted the growing investor confidence in the Gulf region, emphasizing Qatar’s profitability with annual rental returns of up to 6%, presenting stable returns amid current economic conditions.

The Houserush Investment Index, evaluating residential real estate markets in 50 countries, considers factors such as rental yields, peace and stability ratings, property rights, and economic growth rates. The 2024 index reflects a shifting global real estate investment landscape, with Gulf countries playing a prominent role.

Saudi Arabia to Simplify Visa Application Process and Boost Tourism:

Qatar’s real estate market has seen robust activity, with trading deals exceeding 12.39 billion riyals in the first nine months of the year. The market received a significant boost following the approval allowing foreigners to own real estate, outlined by Cabinet Resolution No. 28 of 2020. This resolution specifies areas for non-Qatari ownership and use, with 25 designated areas meeting international specifications.

The allocated areas for ownership and usufruct, valid for 99 years for non-Qataris, include prominent locations such as Musheireb, Al Sadd, and the Pearl. Additionally, freehold ownership extends to areas like West Bay, the Pearl, and Lusail. The recent launch of services for non-Qatari ownership and use of real estate in Lusail City by the Ministry of Interior and the Ministry of Justice further streamlines the process for investors and customers through a centralized office.

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