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How much does it cost to buy property in Qatar?

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The property market in Qatar is considerably different from that of other nations. If you are looking for properties for sale in Qatar you can trust a local real estate expert to guide you through the process. Using professional service guarantees that you select the ideal Qatar property and that you are supported throughout the purchasing or leasing process.

 

The following are the steps to purchasing a home in Qatar:

 

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  1. The legal environment

Any person of any nationality, whether residing abroad or a Qatari resident, can purchase property in certain locations in Qatar’s freehold property market, as allowed by His Highness the Ruler of Qatar. If you are looking for properties for sale in Qatar you do not need to have any form of residency or similar permit.

 

  1. Property in Qatar: Leasehold and Freehold

The majority of the developments handled by Qatar Properties are freehold, however, there is a mix of leaseholds as well. Freehold homes, in which the buyer owns both the land and the property, can offer the owner residency in Qatar. For the duration of the ownership, this privilege may be extended to the owner’s family. Leasehold rights are valid for a 99-year period that can be renewed. It is possible to transfer the lease. It is important to note that in order to purchase leasehold rights, foreign buyers must have a valid Qatar visa.

 

  1. Timelines

The average property transaction in Qatar takes 30 days from the date the Agreement for Sale is signed to completion.

 

  1. Methodologies

The formalities for purchasing apartments for sale in Qatar are, for the most part, simple. Terms are agreed upon by both the buyer and the vendor. When purchasing a unit in The Pearl, for example, a down payment of 20% of the purchase price is required to secure the property. The remaining balance is split into two parts: 75% of the purchase price is paid in quarterly payments, and 5% is due on completion date. A 0.25 percent of the property’s value is charged as a transfer fee.

 

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  1. NOC 

 

The parties gather at the developer’s offices to apply for a No Objection Certificate (‘NOC’) that will allow them to sell the property. When the developer is satisfied that any sum due to the developer in the form of service costs has been paid in full, the developer will normally issue the NOC in exchange for a fee. After receiving the NOC, the parties can go to the Qatar Land Department’s office to officially transfer ownership. The Qatar Land Department will require that the purchase price be paid in the form of a manager’s check payable to the seller on the transfer date. A new title deed will be issued in the buyer’s name once the formalities are fulfilled. If the buyer is using a mortgage, the bank will be involved in the transaction. If the seller has a mortgage on the property, the buyer must pay off the seller’s debt in full before applying for the NOC. This increases the buyer’s risk and makes the transaction more difficult. If you’re an individual buyer then you require your original passport for the property transactions.

 

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