Qatar Real Estate Investment: Why Are More Investors Pursuing Ready Projects Over Off-plan Properties?
Real estate has reigned supreme as the world’s best long-term investment for countless decades. However, considering the pandemic, many are understandably looking for up-to-date and experience-backed advice before purchasing a new property.
Today, our expert Sales Property Consultant, Abdullah Manna, answers a pressing question among those seeking to succeed in real estate investment in Qatar and expats in Qatar looking to live in the grandeur Gulf nation.
Why are more investors currently interested in ready properties compared to their off-plan counterparts? Watch our video below for the answers or read on for further insight.
Off-plan project demand drops amid the pandemic
After the 2008 financial crisis, demand for off-plan properties in Qatar fell, but eventually exceeded that of ready projects by the end of 2017, thanks to Government efforts.
Nevertheless, due to the pandemic’s effects on the local real estate market, prices of ready to move real estate investment properties dropped substantially, now beating the current demand for off-plan properties. Whilst also consequently creating remarkable on-going property investment opportunities for those wishing to profit from consistent rental income by buying low.
Off-plan projects take time to complete
Alongside the peak in demand for ready properties at record-low prices, our real estate experts have noticed investors and expats exponentially diverting from the lengthier task of obtaining under-construction projects, due to developers needing to:
-Complete all approvals and registrations before finalising the sale
-Follow the development plan in detail
-Have no financial stress, a good track record and be able to deliver the project on time
Thus, setting their sights on the shorter timeframe involved purchasing ready to move in properties throughout Qatar.
Interest in ready projects sky-rockets due to updated residency criteria
Moreover, before the Ministry of Defence recently released new support measures helping expats gain residency more easily in Qatar, sponsorship from an individual or business was a necessary, often arduous step.
Thanks to new criteria, you can buy a property worth between $200,000 and $1,000,000 and be granted residency in any 25 approved areas in the country throughout the ownership.
Making moving to Qatar more desirable than ever among international professionals and families, especially considering the benefits of becoming a new resident:
- Highly subsidised health care fees
- Reduced educational costs
- Internationally-low electricity, water and gas rates
- No restrictions on money transfers of profits abroad
To wrap things up, the central point for all the above factors is the luxurious properties on offer in Qatar right now — an incentive in itself. In addition to Qatar’s blossoming international spotlight due to the Gulf nation’s upcoming 2022 Fifa World Cup formulating fantastic buy-to-let options for investors.
Find out more about Qatar’s ownership incentivising era in one of our latest blogs.
We hope you have found this information very useful. For any further advice and assistance, please do not hesitate to contact us at The Pearl Gates.
We’ll be more than happy to help you make the right decisions when it comes to investing in or calling Qatar your home. Discover luxurious ready properties for sale on our website today.