Doha is currently transforming into one of the biggest metropolitan cities in the Middle East. The recent announcement of FIFA World Cup to be held in Qatar has also garnered attention for the country. More and more people are moving to the country because of the high standard of living. To add to the benefits, there is no income tax in this country. If you are also one of the movers to Qatar, then it will be beneficial for you. Here is the procedure to buy a property in Qatar.
Instead of being a complete newbie, all the information provided below will help you to be a pro while buying property in Qatar.
There are only a few freehold developments where an expatriate can buy a property. The Pearl, The West Bay Lagoon, and Al-Khor are three such developments. So don’t be unaware of the whereabouts and buy property anywhere just because the developer said so, first verify whether it is allowed to buy the property there or not.
You get the homeowner’s residence permit upon purchasing a property from such freehold developments. You can extend the residence permit to your family as well. It is valid for 5 years.
If you want to buy property in areas other than the freehold development then you have the option to get the property on lease. This lease will be valid for 99 years. In this case, you do not get the ownership of the property. So do not be stupid for not knowing this.
Make the Full payment for the property only after the property is available to you. Do not pay before that.
You can pay the The initial deposit upon the signing of the sales contract. Do not make any deposits before that. You can pay the remaining amount later.
You can pay the remaining amount as different multiple payments within a specific period of time after paying the initial deposit. Please do not take these payments as Equated Monthly Installments (EMI), you can pay as different amounts at different intervals over a specified period of time
The property transfer fee in Qatar is 0.25% of the property value. The Authentication fee for documents is around QAR 15. So remember these rates so you are not duped into paying more than the legal fees.
The property registration process in Qatar takes around 13 days. In some situations, it may vary a little bit but you should be alert if your developer is taking unusually long time to in the registration of your property.
While buying a property in the capital, if you require authentic guidelines or help then Doha Municipality or the Ministry of Justice’s Real Estate Registration Department can be helpful for you.
We hope that all the information provided to you above will help you in buying property in Qatar. We are sure you will make use of the information for buying properties in Qatar.