Qatar real estate saw investments of QR82bn ($22.5bn) last year, leaving the sector second only to energy for the national economy.
Abdullah bin Hamad Al Attiyah, CEO of Qatari Diar, said real estate in Qatar is one of the fastest-growing sectors in economy and occupies the second rank after energy in 2022.
Commenting the incorporation of some amendments into real estate regulations by the Qatar Central Bank (QCB), Al Attiyah added that such regulations promote the real estate competitiveness and contribute to accelerating the pace of national economy.
QCB announced on July 8 that it has incorporated some amendments into the real estate regulations to encompass the determination of the ceilings of real estate financing grant (Loan guarantee percentage and its duration) inside Qatar that will be applied on Qatari banks, along with their affiliated companies in the country,
Branches and subsidiary companies abroad will be subject to instructions and ceilings of the host regulatory authorities, as long as they have been the guarantors and funders of real estate abroad.
Al Attiyah outlined that these vital regulations underscore the substantial role such a step will play in upgrading this sector and promoting Qatar’s competitiveness at the regional level pertaining to the real estate sector through attracting more investments, whether by citizens, or foreigners who will pivot to the real estate in Qatar for investment.
He added that the recent amendments have increased the opportunities and streamlined the flexible procedures for foreigners.
He hailed the efforts QCB is making to advance the real estate sector, pointing out that the amendments are characterised by inclusiveness and have succeeded in covering all aspects of the targeted segments which will evidently undergird the real estate investment during the upcoming period.
The rules will grant investors access to new real estate projects in Qatar. Al Attiyah pointed out that such amendments fulfil the requirements of the current phase in real estate sector without prejudice to the essential precaution taken against real estate risks, outlining that the amendments activate finance traffic in banks in the country during this period offering real estate grants to a larger segment of investors.
He noted that the country possesses one of the best infrastructures at the global level to achieve prosperity and sustainability for the population. Al Attiyah added the country has taken a myriad of initiatives recently to develop the real estate sector.
Developments include granting foreigners access to real estate freehold, in addition to establishing a real estate regulatory authority to promote and develop this vital sector.
