Qatar property demand skyrockets due to lower prices, relaxed ownership rules | ZAWYA MENA Edition
Demand for home ownership in Qatar, which had tens of thousands of properties vacant last year, has skyrocketed in recent months, with enquiries for buying residential units surging by 74 percent during the first three months of the year, according to Property Finder Qatar.
Sales listings for apartments and villas in the Gulf state have also surged by 33 percent and 60 percent, respectively, indicating that supply is still not running out.
The increase in demand for property may have been fuelled by lower prices, as well as the easing of rules on non-Qatari property ownership, Property Finder said in a statement.
Last October, it was announced that Qatar would increase the number of locations in which foreigners can acquire a property outright. Non-Qataris would be able to own homes in a total of nine locations, compared to just three before.
“There is a direct correlation and impact of the country’s new property ownership laws which were introduced late last year, as well as lowered prices in high-demand areas such as Al Erkyah City and West Bay,” Property Finder noted.
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