Qatar’s reforms can mitigate challenges arising from property sector

Qatar’s reforms can mitigate challenges arising from property sector:

"The US property market has witnessed surge in prices and is even higher than pre- recession levels in some places. The UK property market is subdued with falling house prices. China’s new home prices rose as the government supported demand from first-time buyers and despite persistent curbs to dampen speculative demand. Oman is working on improving its tourism sector to revive property market. Government spending in Kuwait can stimulate real estate activity. The lending growth in Qatar property market was more than 8% in first quarter 2018. Recently Qatar Cabinet has given its nod to a draft law on the regulation of ownership and usage of properties by non-Qataris in the country. Under the terms of the draft law, non-Qataris may own and use properties in Qatar in accordance with conditions specified by a decision of the Cabinet and based on suggestions of the commission for regulating non-Qatari ownership and use of real estate. The provisions of the draft law are applicable to land space, buildings and residential units, as well as certain units in residential complexes. Qatar Tourism Authority released its National Tourism Strategy, which set out targets for 2023. Targets include boosting occupancy rates to 72% across the sector, and doubling tourist arrivals to 5.6mn. Qatar also announced the expansion of visa free entry to 80 countries and the introduction of the e-visa platform in 2017. "



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