Qatari Diar CEO, Eng. Abdullah bin Hamad Al Attiyah
Doha, Qatar: To boost real estate sector, Qatar Central Bank has made some amendments to real estate financing (mortgage) regulations which include setting ceilings for granting real estate financing to Qataris, residents and non-residents.
CEO of Qatari Diar Eng. Abdullah bin Hamad Al Attiyah has praised this important step at this time, stressing the great role that this step will play in developing the real estate sector of the country.
He said that it will enhance Qatar’s competitiveness in the region with regard to the real estate sector by attracting more investments, whether by citizens or foreigners, who will made more investments in real estate of Qatar.
Al Attiyah said that the recent amendments gave the investors the ability to achieve this without any need to provide residence, thanking the bank for the efforts it is making within the framework of developing the financial system in Qatar to advance the real estate sector.
He described these amendments as comprehensive, as they succeeded in covering all aspects of the target groups, which will clearly support real estate investment in the coming period, as these laws will allow investors to enter into new real estate projects in Qatar.
Al Attiyah stressed that these amendments meet the requirements of the current stage in the real estate sector without prejudice to the necessary precaution for real estate risks, in addition to the contribution of these amendments to stimulating the financing movement in Qatari banks during this period, which will be able to grant real estate financing to larger groups of investors.
He noted that the real estate sector in Qatar is one of the fastest growing sectors in the economy, and any development in laws and legislation will contribute to accelerating the economy, as the real estate sector ranks second after the energy sector, attracting investments exceeding QR82bn during 2022.
Qatar also has the required infrastructure that is among the best in the world to achieve the well-being and sustainability of the population. The country has taken a number of initiatives recently to develop the real estate sector, including allowing free ownership of real estate for non-nationals.
In addition to the establishment of the Real Estate Regulatory Authority to promote and develop this vital sector and continue its development in implementation of the state’s policies within the Qatar Vision 2030, taking into account the economic and social development plans and achieving urban development in a balanced and integrated way.
This is in a way that preserves the quality of life and sustainability and contributes to the development of this sector with the aim of finally reaching a future vision of the real estate industry and finding permanent solutions to the challenges facing the real estate sector.
