If you’re looking for a change and you have decided to live in Qatar for longer than 5 years, than buying your own apartment, might be a good decision. Buying your own apartment it will be appropriate for a long term investment. The country is flourishing, it is safe and, beyond these, authorities do not perceive ownership taxes. Yes! You read it right, there are no taxes in Qatar for a property.
Why is Qatar an option for a fresh start?
I gave you several hints in the rows above, but it does not end there.
- Qatar is one of the fastest-growing economies, with an impressive $98,800 GDP per capita. This could be a good reason to live here!
- Salaries are also competitive, a medium wage is 20.000 QAR.
- Also, Qatar is also one of the safest countries in the Middle East.
- It is an expat-friendly environment – there are around 2 million expats in Qatar, like 2/3 of the total population.
- Qatar is a new country, so are the buildings. All properties are new, with a modern aspect and endowed state of the art home appliances. At least those we have in our portfolio.
Should you buy or should you rent an apartment in Qatar?
We settled that is a good choice to move to Qatar. The second question you should ask yourself is: to rent or buy an apartment/ a property of any kind. The answer is… “it depends”. If you are to stay for less than 3 years, definitely you should go for a rental. Even more: got for an apartment for rent fully furnished, hence you have the opportunity to estimate your income vs savings, without investing in furniture and other home appliances.
In case you plan to stay from 5 to 10 years, or more, investing in a property should be on your priority list. You should work with a reputable local agency and your main question should be about the ROI of your investments.
How do you choose a Property for sale in Qatar
A property means investments, hence should be analyzed specifically. Criteria you should consider:
- Income vs Reimbursement.
- Other expenses ( you may see on our blog a simulation for properties on various areas, incomes, expenses vs ROI and rentability).
- Specific needs: surface/ rooms, endowment, furnished/ unfurnished, special facilities for comfort and well-being ( gym, pool, etc).
- Area vs price.
- Value vs ROI.
What do you have to know about buying an apartment in Qatar
If you finally have decided to buy, there are more steps to take further. In Qatar the bureaucracy is not a factor, the time to conclude ownership varies in the complexity of the property or situation, not on the local authorities requirements.
Steps for buying your own apartments in Qatar
- Based on your analysis, establish your investment budget ( mortgage or personal investment )
- Select a location based on the need ( ROI / personal use as shown before )
- Select a real estate agent ( check the agent is ability on the Qatari land)
- Visit options
- Conclude the deal once selected the property – sign the contract.
I am an expat. Where can I buy a property in Qatar?
During 2019 Qatar has opened 20 areas for freehold ownership. However, the biggest investors demand is still in the new areas of Qatar ( West Bay, The Pearl, West Bay Lagoon, Lusail City ). There is a logic beyond this: the main population in Qatar is formed out of expatriates, experts in various fields.
What documents do I need to buy a property in Qatar?
If you are the buyer, all you need is money ( or loan) and your ID.
However, the ower needs more papers, but not as many as in other European countries:
– ID (or passport, if applicable), original and copy.
– Property deeds in original and copy. Property Act can be a sales contract authenticated by a notary public, a donation contract, a certificate of heir, a judgment, etc.
– Tax certificate. A tax certificate is obtained from the Directorate of Local Taxes of where the property is situated. The certificate is valid for 30 days from the date of issue.
– Energetic certificate
Which are the authorities entitled with ownership transfer?
Each district has its own department for registering property transfer and the operation is pursued by a registered local real estate agent. For instance, Doha has a bureau, The Pearl has its own office ( UDC), Lusail City has Qatari Diar and so on.
Which are the costs for closing a property sale contract?
The property transfer fees are transparent, at least in FGREALTY’s case:
- Real Estate Brokerage Fee 2% to 3% of the total property value
- Transfer fee 1.25 % of the total purchase value.
Afterward, there are no local taxes paid to the local authorities. Instead, as a local peculiarity, Service Charge fee that is paid on an annual basis and it fluctuates as per the size/view and location of the property. This fee covers all the maintenance and management costs of the communal areas.
Not convinced yet what’s about buying a property in Qatar? You might drop us a line at fgrealty.qa.
Also, take a brief look at FGREALTY’s portfolio and the apartments with a marine view are sure to convince you.
This article is written by Corina Stefan who is a Communication Representative for FGREALTY. Online communication specialist, content writer, and blogger, I do find passion in online content strategy, writing as profession and hobby; sports, reading and traveling- as hobbies. Positive and committed, I find joy in writing as a profession as it gives me the opportunity to continue learning. Planning serves my attitude focused on results. My hobbies are the gate to self-development.