Qatar is the latest buzz word in emerging property markets and savvy investors are looking to the region to offer more of the fantastic opportunities Dubai has been affording the world in recent years. The fledgling investment property market in Qatar has been strengthened by the global confidence in Dubaiís market and as a result the property market in Qatar is heating up.
The Qatar market is fairly ardent and raring to meet the demands of housing. This new surge in the real estate market could be attributed to the decree issued by Emir Sheikh Hamad bin Khalifa Al Thani that allows non-Qataris to own residential properties in some housing projects.
The law allows non-Qataris to buy and own real estate in selected areas in Qatar and they include the proposed Pearl Island, West Bay Lagoon and Al Khor Resort projects. Non-Qatari buyers could own real estate at the above three locations for 99-years and the period would be extendable for a similar period. Buyers in a complex would be allowed to form cooperative society of which they would be members. A property bought and owned by a non-Qatari would be transferable to his legal heir or heirs.
The Pearl Qatar is Qatar's first international real estate venture, the largest real estate development in the country and the first to offer freehold and residential rights to international investors. The US $2.5 billion offshore, Riviera-style man-made island, covering 985 acres of reclaimed land will create over 30 kilometres of new coastline.
According to the company statistics, The Pearl-Qatar will eventually house 35,000 residents in an up-scale, multi-cultural residential community that will be a secure and exclusive island retreat. The Pearl-Qatar is being built 350 meters offshore the West Bay Lagoon and is being developed and promoted by United Development Company (UDC), Qatar's largest private sector shareholding company.
The Pearl will also feature hotels, restaurants, shops and boutiques as well as a 700 berth international yachting hub and the first home are due for completion in 2007.
If you're looking to the Middle East region for the latest property hotspots or you're interested in diversifying your investment portfolio then it may well be time to consider the emerging property market in Qatar.