MAKAN BROCHURE 2015

QATARPROPERTY BUYING GUIDEBy Makan Investment and Real Estate Development W.L.L.

ABOUT THE PLACE

We as Makan have seen the ups and downs of the property market in the recent years, and with major development taking place. Makan puts its

14 years experiences to practice and assure its clients the very best services and property investments in Qatar.

Qatar is becoming one of the leading business, sport and leisure destinations in the world. Qatar economic past and future prospects have been analysed and commented on extensively in recent years. First it ‘caught the cold’ from he global financial troubles affecting most of the economies which were leading inward investment. Then sales slowed almost to a standstill giving way to a period of stability as valuations fell into line with comparable markets. More recently the Arab Spring created a boost to Qatar as more capital and investors who saw Qatar as a safe and efficient place to operate in a troubled region moved in.

Visitor numbers are reported to be doubling to pre-recession levels which is certainly evident from the full planes and busy hotels whenever I visit. The many Qatar sporting and social events which are becoming fixtures in the international calendar have also been as well-attended as ever. As a result there is a substantial renewed appetite for property in Qatar, focussed mainly on the best known residential communities that are now well-established. Our own experience is backed up by recent figures suggesting that property transactions are on the rise again – up 20% in the last quarter alone. In a region with so much construction going on in the last five years there had been fears that oversupply would make this a buyers’ market for some time yet. But headline figures betray what is actually happening in specific neighbourhoods and developments, where Makan buyers and tenants eager to take advantage of the temporary Price correction are outnumbering sellers once more.

BASHIR JAMAManaging partner

“ACCORDING TO THE STUDY PUBLISHED BY THE WASHINGTON BASED INSTITUTE

OF INTERNATIONAL FINANCE, QATAR’S PER CAPITA GDP AT

PURCHASING POWER PARITY (PPP) WAS $106,000 (QR387,000) IN 2012, HELPING THE COUNTRY RETAIN ITS RANKING AS THE WORLD’S WEALTHIEST NATION.”

TABLE OF CONTENTS

04 ALL ABOUT MAKAN

06 OVERVIEW OF QATAR

10 THINGS TO DO IN QATAR

13 QATAR TRAVEL TIPS

16 BUYING YOUR PROPERTY IN QATAR

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Makan Investment and Real Estate Development W.L.L.

Makan is an Arabic word having the definition of “the action or process

of placing someone or something in a particular position”.

Makan Investment & Real Estate Development is an established

provider of top-class residential, corporate and luxury developments

in the Qatar. It continues to pursue excellence in two precepts with

which it has founded its philosophy: Personal & Exclusive excellences.

Based firmly on these, the company has earned a solid reputation in

being a market leader in the real estate industry, providing only the best

properties and fully integrated real estate services in the Qatar.

Makan Real Estate consistently offers specialist knowledge and personal

attention to its valued clients building trust through transparency in all

of its dealings as a company. Having an excellent understanding of its

clients’ needs.

ABOUT MAKAN INVESTMENT AND REAL ESTATE DEVELOPMENT

CALL US

Our professional property consultants are available 7 days a week to speak to you about and understand your property requirement to match these to the best available properties.

VISIT OUR OFFICES

We welcome the opportunity to meet our clients face to face. Contact us to arrange a meeting at our head office in Qatar.

INSPECTION VISIT

Once you’ve decided that Qatar is the right designation for you, the best way to see the types of property available and expe-rience everything Qatar has to offer is first hand on one of our FREE inspection visits. Spaces do go quickly so please contact us to find out more and make a booking.

VISIT US ONLINE

Visit us online at www.makan.qa to browse our fantastic range of properties available in Qatar and keep up to date with the latest news from region.

LEGAL DISCLAIMERThe information contained here is for general information purposes only. The information is provided by Makan Investment and Real Estate Development and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.


HEAD OFFICEBuilding No. 37, Second Floor, Office No. 6,180 Othman Bin Affan Street, Doha Zone 55, QatarP.O. Box 93644 Doha, QatarTel: (+974) 4016 0666Email: [email protected]

MSHEIREB OFFICEZone 13, Al Meyyah Street, Doha, QatarP.O. Box: 329 Doha, QatarTel: (+974) 4015 0555

We recognise that our people’s diverse strengths combined with good teamwork produces the best results.

OUR SERVICES Our company provides properties and real estate services tailored-fit to match the clients’ requirements.

REAL ESTATE BROKERAGE• Leasing • Buy • Sale• Mortgage negotiations• Property insurances facilities

PROPERTY MANAGEMENT• Facility management • 24 hours securities • Landscaping • Personalized property account manager

PROPERTY VALUATION• Property Estimate

FIRST TIME BUYERS/SELLER ADVISORY SERVICES• Mortgage advisory • Contractor selection • Land development • Bank loan advisory

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Qatar is a sovereign Arab country located in Western Asia, occupying the small Qatar Peninsula on the northeastern coast of the Arabian Peninsula covering an area of 11,606.8 Sq. Km. Its sole land border is with Saudi Arabia to the south, with the rest of its territory surrounded by the Persian Gulf. A strait in the Persian Gulf separates Qatar from the nearby island kingdom of Bahrain.

ECONOMY

Since the mid-1800s, Qatar has grown from a poor British protectorate known for pearling into one of the world’s most important oil and gas producing countries. While there is increasing investment in non-energy sectors, oil and gas still account for more than half of the Gross Domestic Product. Due to oil and gas, the country now has one of the highest incomes per capita in the world.

OVERVIEW OF QATAR

THE PEOPLE

There are approximately 2 million people living in Qatar. More than half of the population lives in the capital city of Doha. Three-quarters of the Qatari population are Muslim, while the remaining population practices a variety of other religions. The official language is Arabic, though English is commonly spoken. The thriving economy has attracted a large number of expatriates, particularly from neighboring Arabic states.

RELIGION

Islam is the predominant religion. Qatar’s official state religion is Wahhabi Islam. Most Qatari citizens belong to the strict Wahhabi sect of Islam. Sharia law is the main source of Qatari legislation according to Qatar’s Constitution.

CULTURE

Qatar’s culture is similar to that of other countries in Eastern Arabia. The Qatar National Day hosted every 18 December is the day Qataris celebrate their national identity and history. On that day, expressions of affection and gratitude are conveyed to the people of Qatar who cooperated in solidarity and vowed allegiance and obedience to Sheikh Jassim bin Mohammed Al Thani as a leader in 1878.

EDUCATION

Through the Qatar Foundation, the country has built an “Education City”, hosting local branches of the Weill Cornell Medical College, Georgetown University School of Foreign Service, Northwestern’s Medill School of Journalism, Texas A&M’s School of Engineering, and other

ALTHOUGH TINY, QATAR WIELDS SIGNIFICANT CLOUT DUE TO ITS NATURAL GAS WEALTH AND ITS SOVEREIGN WEALTH FUND, WHICH IS ONE OF THE WORLD’S LARGEST.

AN OVERVIEW OF QATAR

• Qatar is the world’s richest country per capita and has the highest human development in the Arab World.

• Qatar is recognized as a high income economy by the World Bank.

• Qatar has the world’s third largest natural gas reserves and oil reserves in excess of 25 billion barrels.

• No income tax.

WHY INVEST IN QATARWestern institutions. In 2008, Qatar established the Qatar

Science & Technology Park at Education City to link those universities with industry. Education City is also home to a fully accredited International Baccalaureate school, Qatar Academy. Two Canadian institutions, the College of the North Atlantic and the University of Calgary, also operate campuses in Doha. Other for-profit universities have also established campuses in the city.

HEALTHCARE

In 2010, spending on healthcare accounted for 2.2% of the country’s GDP. In 2006, there were 23.12 physicians and 61.81 nurses per 10,000 inhabitants. Qatar has a low infant mortality rate of 7 in 100,000 has made developing a world class public health system one of its key goals through its National Vision 2030.

Hamad Medical Corporation (HMC), affiliated with Cornell University, is the premier non-profit health care provider in Doha, Qatar. Established by the Emiri decree in 1979, HMC manages five highly specialised hospitals and a health care centre: Hamad General Hospital, Rumailah Hospital, Women’s Hospital, Psychiatric Hospital and the Primary Health Care Centres and Al Khor Hospital. These hospitals are quite sophisticated by the standards of the region, with most hosting advanced fMRI and other scanning machines.

Other private hospitals consist of Sidra Hospital, Al-Ahli Hospital, Doha Clinic, Al-Emadi Hospital, Aster Medical Centre, Alkharashy Dental Centers, Naseem Al Rabeeh, The American Hospital, Apollo Clinic, Future Medical Center, Future Dental Center, Life Line Medical Centre, Al Salam Poly Clinic and Tadawi Medical.

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In 2014 the Aspetar Centre in Doha signed an agreement with the Ivorian FA to provide medical assistance to the national team before and during the FIFA 2014 World Cup in Brazil. Yaya Toure and Didier Drogba are amongst the players to have used the facilities. Qatar has made developing a world class public health system one of its key goals through its National Vision 2030.

INFRASTRUCTURE PROJECTS

The key driver of the inclusive growth of the State of Qatar is its rapid Infrastructure development. It is a critical enabler for economic growth and contributes significantly to human development, and the attainment of the Millennium Development Goals (MDG).

The winning of the World cup hosting bid for 2022 is a strategic event that would further boost the Qatar’s infrastructure in the coming years. Measuring infrastructure performance is thus a challenge for decision making process to improve the availability and capacity of existing infrastructure and extend it in other directions as well.

Hamad International Airport formerly known as New Doha International Airport (NDIA) is an international airport in Doha, capital of Qatar. It has been built 5 kilometers east of the current airport. The new airport is spread over an area of 8,640 acres (3,500 ha).

NEW PORT PROJECTAs a major gateway to Qatar, and a significant investment in the country’s future, the New Port will serve the expanding trade needs of Qatar, supporting key objectives set forward in the Qatar National Vision 2030 and acting as a catalyst for export industry development.

QATAR RAILWAY PROJECTQatar Rail is currently one of the biggest rail projects in the world. It will not only bring a Metro to the Doha area of Qatar but it will also introduce long distance travel to the country.

LUSAIL ICONIC STADIUMThe stadium will be used for the opening and final games of the 2022 FIFA World Cup. Like the other stadiums planned for the 2022 World Cup, the Lusail Stadium will be cooled using solar power and have a zero carbon footprint. The stadium was designed by British firm, Foster + Partners. It will have an almost circular base, be surrounded by a moat and be connected to the car park by six bridges.

HAMAD INTERNATIONAL AIRPORT

AN OVERVIEW OF QATAR

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THINGS TO SEE AND DO

ACTIVITIES From jogging outdoors along the Corniche waterfront where traditional dhow boats wait to pick up their passengers to enjoying the many parks Doha has to offer, Qatar is a place where visitors and residents alike can find a range of healthy, indoor and outdoor activities to help keep fit. Qatar’s five star hotels offer world class and award-winning spas for beauty treatments and fully equipped gyms with fitness trainers.

ParksMuseum of Islamic Art Park; Aspire Park; Dahl Al Hamam Park; Khairatiyat Park; Al Rumailah Park (Al Bidda Park); Al Wakrah Public Park; Sheraton Park; Huwaila Four Parks; Busamra Park (Previously known as Al Khulaifat Park); Barzan Olympic Park

SportsQatar attracts the biggest sporting events in the world, not least the World Cup 2022, Asian (football) Cup and Asian Games, to name but three. Visitors have the opportunity to stay and watch some of the world’s most exciting sports events in football, tennis, golf, sailing, power-boating, cycling, motor racing, and desert trekking and many more. In Qatar there are

also opportunities for nearly every sport that visitors can experience and enjoy during their stay. Qatar offers it all - from bowling to cycling, dune-bashing to sand skiing, football and rugby to falconry, golf to ice-skating, horse racing to camel racing, horse riding to jetski, motor sports to water sports, tennis to swimming, snooker to boating on anything from sailboats to traditional dhows to luxury yachts. Then you can kayak, dive or water-ski in the beautifully clear and clean blue waters off Qatar’s shores.

Finally, Qatar offers superb world-class health and leisure facilities in 5 star luxury spas, gyms, fitness centres and athletic stadiums – so visit Qatar to feel great.

BeachesThe Qatar peninsula has beaches galore with a 563 kilometre-long sandy coastline with numerous small islets, sand bars and reefs.

Below is a list of some of the most well known beaches, but you can gain access to the sea wherever you want. Just keep in mind not to leave any litter behind you. Many of Qatar’s five star hotels also have lovely sandy beaches but if you are not staying at the hotel there may be a charge.

• Al Ghariya; Dukhan; Fuwairit; Maroona; Beach near The Diplomatic Club (La Page W. Drive); Sealine Beach Resort; Ras Abrouq (Bir Zekreet); Simaisma; Umm Bab

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THE ITINERARY

ENTERTAINMENTQatar entertainment is wide and varied with numerous sources of entertainment for the tourists as well as for the common people of Qatar. There are several sources of entertainment in Qatar for kids in the form of theme parks and entertainment parks and centres in the malls. There are special attractions for children all over Qatar and especially in Doha. The entertainment facilities in Qatar are not only limited for children, but as there are ample recreational opportunities for adults too.

DiningQatar provides the perfect combination of culinary arts – a diverse collection of international cuisines and the chance to try some exciting Arabic food. Situated at the crossroads of Europe, Asia and Africa, the Arab world displays the influence of all three regions in the number and variety of dishes in its traditional cuisine.

Qatar is home to an impressive range of dining experiences - from the finest international cuisine to grabbing a quick bite on the run. Hotels offer a broad range of culinary options including restaurants, lounges and cafes as well as most offering a Friday brunch. Many of these establishments are listed here.

• Qatari and Middle Eastern Cuisine; Far Eastern Cuisine; Indian Cuisine; Italian Cuisine; International Cuisine; Seafood Cuisine; Steakhouse

SHOPPINGShopping MallsQatar is a great place for indulging in unlimited ‘retail therapy’...

• The Mall; City Center Doha; Villaggio; Landmark Mall; Royal Plaza; Centrepoint (Al Asmakh Mall); The Gate Mall; Lagoona Mall; Al Khor Mall; Hyatt Plaza; Ezdan Mall; Parco Mall; Wathnan Mall; The Centre; Emporium; Safari Mall; The Pearl – Qatar

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SouqsQatar ’s local markets, known as souqs, uphold their world charm retaining the atmosphere and spirit of a bazaar of days gone by...

• Souq Waqif; Souq Asiery; Souq Al Dira; Souq Al Jabor; Omani Souq

SIGHT SEEINGQatar has established itself as one of the region’s cultural capitals, hosting major international events. Qatar is also home to the finest cultural landmarks, some even dating back to thousands of years demonstrating the nation’s rich history and culture. In addition, Qatar has a series of world-class museums that house some of the world’s finest art collections.

• Museum of Islamic Art; Mathaf Museum; Katara Cultural Village; Fort Zubarah; Souq Waqif; Sheikh Faisal bin Qassim Al Thani Museum; Barzan Tower; Tourist Buses

NATURAL LANDMARKSWith the sun shining every day and a surprisingly rich ecology, Qatar offers an engaging natural environment to explore. The surrounding desert provides a great deal of interest and adventure with such natural landmarks as the Dhal Al Misfir, Desert Roses and the Singing Sand Dunes.

• Dhal Al Misfir; Desert Roses; The Singing Sand Dunes; Al Dakhira Natural Reserves; Al Reem-Natural Reserves; Ras Abrouq Natural Reserves; Khor Al Adaid; Umm Tais-Natural Reserves

QATARTRAVEL TIPS

QATAR IS ONE OF THE SAFEST PLACES IN THE WORLD. BOTH VISITORS AND RESIDENTS HAVE THE OPPORTUNITY TO EXPERIENCE THE WELCOMING AND FRIENDLY NATURE OF ARAB CULTURE. LIKE ANYWHERE ELSE, RESPECTING LOCAL TRADITIONS AND PRACTICES ALLOWS YOU TO ENJOY THE TRUE ESSENCE OF THE HOST COUNTRY, GIVING YOU A BETTER TRAVEL EXPERIENCE.

TIPS

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ParksMuseum of Islamic Art Park; Aspire Park; Dahl Al Hamam Park; Khairatiyat Park; Al Rumailah Park (Al Bidda Park); Al Wakrah Public Park; Sheraton Park; Huwaila Four Parks; Busamra Park (Previously known as Al Khulaifat Park); Barzan Olympic Park

SportsQatar attracts the biggest sporting events in the world, not least the

• QATAR AIRWAYS | www.qatarairways.com • AIR FRANCE | www.airfrance.com• AIR INDIA & AIR INDIA EXPRESS | www.airindia.in | www.airindiaexpress.in • AIR ARABIA | www.airarabia.com• BAHRAIN AIR | en.bahrainair.net• BRITISH AIRWAYS | www.britishairways.com• CATHAY PACIFIC | www.cathaypacific.com• CYPRUS AIRWAYS | www.cyprusair.com• DELTA AIRLINES | www.delta.com• EGYPT AIR | www.egyptair.com• EMIRATES | www.emirates.com• ETIHAD AIRWAYS | www.etihadairways.com

INTERNATIONAL AIRLINES FLYING TO QATAR

• FLY DUBAI | www.flydubai.com• GULF AIR | www.gulfair.com• JET AIRWAYS | www.jetairways.com• KLM (Darwish Travel) | www.klm.com• KUWAIT AIRWAYS | www.kuwaitairways.com• LUFTHANSA | www.lufthansa.com• OMAN AIR | www.omanair.com• PAKISTAN INTERNATIONAL AIRLINES | www.piak.com.pk• ROYAL JORDANIAN | www.rj.com• SAUDI ARABIAN AIRLINES | www.saudiairlines.com• SRI LANKAN AIRLINES | www.srilankan.com• TURKISH AIRLINES | www.turkishairlines.com

BOOK YOUR FLIGHT: The Airport is just 8 km from the city centre, with Doha’s Corniche, the old city centre and the West Bay business district are all not more than a 15-minute drive away. Most hotels will arrange airport pick-ups and drop-offs. Various car-hire agencies have kiosks inside the Arrivals terminal, and metered taxis are readily available outside.

TAXI: The national transport company Mowasalat operates the bus, taxi and limousine service Karwa. To book a taxi, you may call (+974) 4458 8888.

BUSES: Mowasalat started its public bus service for the first time in Qatar in October 2005 with new high standard vehicles. Mowasalat network has an outreach to cover all areas within the state of Qatar. Mowasalat public bus service is affordable in a wide range and available to all tyes of people. Our buses are available in the main bus station or from any of our bus stops that can be found on the roads.

CAR RENTAL: For a longer stay, you may prefer renting your own car. International and local companies can provide you with a large range of cars, from a saloon car to

a large 4x4. You can use your international driving license for 7 consecutive days from your date of arrival in Qatar. If you wish to extend your driving you must apply for a temporary driving license at the Traffic Department of the Ministry of Interior. Below are some car rental companies:

• Al Mana (+974) 4462 2891

• Avis (+974) 4462 2180

• Budget (+974) 4431 0415

• Euro Dollar (+974) 4432 1313

• Europcar (+974) 4443 8404

• Hertz (+974) 4462 2563

• National Car Rental (+974) 4487 1995

• Oasis (+974) 4413 0011

• Sixth (+974) 4432 4313

TOUR OPERATORS: You may also enjoy your visit in Qatar with different tour packages. Below are some of the companies that you may get in touch with:

• Arabian Adventures | 4436 1461/5556 5359

• Black Pearl Tourism | 5555 1169

• Gulf Adventures World | 4422 1888/

5588 1760

• Qatar International Adventures

4455 3954 / 5552 7225

• Qatar International Tours 4455 1141/5586 4568

• Qatar Ventures Tourism 4431 8440/5577 6679

• Regency Travel & Tours | 4434 4444

GETTING AROUNDQatar’s road infrastructure and transport system is being further developed and enhanced every day to ensure a comprehensive and modern system across Qatar. Below you can find contact information for the different transportation options in the country.

THINGS YOU SHOULD KNOWVISA

• Tourist visas are available on entry for citizens of 33 countries. The cost of visa for a month is QR100 per person, and an additional QR50 per companion registered on your visa.

• Tourist entry visa is available on arrival for residents of the GCC states.

• You can also apply for a joint tourist visa for Qatar and Oman.

• Business Visa: You can avail of two types of business visa. A 72-hour visa on arrival, and one that you have to apply for in advance that can be extended.

• Family Visit Visa: Expatriates with family status can sponsor parents and siblings for a visit of up to six months.

CLOTHING

Men and women should dress modestly as a courtesy to both Qataris and Muslims. Swimsuits and beachwear are acceptable at the hotel beaches (don’t forget sunscreen), but it is not appropriate to show too much skin in other public areas. Visitors should be thoughtful of their clothing particularly in the Holy Month of Ramadan.

TRAVEL INSURANCE

It is recommended that visitors take travel insurance when visiting Qatar for holiday or business travel. Traveling without suitable travel insurance may at times prove expensive than expected, as at times you may face situations wherein you may be required to pay medical bills in case of any emergency medical treatment, or may need to cancel your trip unexpectedly, or in cases of accidents or lost/damaged baggage.

Travel Insurance, apart from covering medical costs, also offers 24-hour assistance in case of any lost baggage anor money. Therefore, it is recommended to take some professional advice on how to choose the right expatriate health/travel insurance.

LANGUAGE

Arabic is the official and main language, but English is widely spoken in every part of the country. Despite the fact that most Qatari people speak fluently English, they feel honored to see their guests speaking a few words in Arabic.

CURRENCY

The Qatari Riyal is the currency of Qatar. It is divided into 100 dirham with denominations of 1, 5, 10, 50, 100 and 500 Riyals.

LOCAL CUSTOMS AND ETIQUETTE

Local laws in Qatar reflect the fact that Qatar is an Islamic country, and the laws here should be respected at all times. You will have to ensure that your actions do not offend other cultures or religious beliefs, particularly, during the holy month of Ramadan, when visiting religious areas.

Importing alcohol, pornography, pork products, narcotics and religious books into Qatar is illegal. All passenger luggages are scanned for its contents at Doha Airport Arrivals Hall. DVDs and videos are subjected to scrutiny and may be censored.

However, travellers entering Qatar may bring in reasonable amount of perfume for personal use, without paying duty. The penalties for possession of or trade in drugs are severe, often resulting in imprisonment. Similarly, it is a punishable offence to drink alcohol in public.

QATAR PUBLIC HOLIDAY

• Qatar National Day (1 Day) on December 18.

• Eid ul-Fitr (4 Days) occurs on the first day of the month of Shawwal in the Islamic calendar. This produces a variable date in the Gregorian calendar.

• Eid ul-Adha (4 Days) is on the 10th day of the month of Dhu al-Hijjah; it also varies in the Gregorian system.

• National Sports Day to fall on the second Tuesday of February (from 2012 AD).

Note: Government offices run on a five-hour schedule, from 9am to 2pm, during Ramadan – though some agencies are open at night. Private sector employees are supposed to work a shortened six hours a day, for a total of 36 hours/week, according to the Labor Law. However, business continues as usual in some workplaces.

TIPS

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QATAR REAL ESTATE MARKET

Qatar has the world’s fastest growing economy and a rapidly expanding population, which together are making of a buoyant local real estate sector, in retail, residential and commercial property. The ongoing expansion of Qatar’s energy sector is attracting more and more companies to the peninsula.

Efforts to diversify the local economy are also gathering pace, with a variety of major infrastructure projects underway, such as a new international airport, national railway network and metro, seaport, and an ambitious hotel building programme. More than 65,000 hotel rooms will be developed over the next decade. The success of Qatar Airways is also establishing Qatar as an aviation hub and attracting increasing number of visitors.

Tourist arrivals are expected to grow from 1.2 million in 2009 to an estimated 7 million by 2022. Qatar’s successful bid to host the 2022 World Cup will present opportunities across the local economy. Retail spending alone is expected to double to US$8 billion over the next decade.

BUYING PROPERTY IN QATAR

The property market in Qatar has only been open to non-Qataris for a relatively short time. Foreigners are permitted to buy freehold

properties in certain designated developments only, but can also legally buy 99-year leasehold rights to residential units in other allotted parts of the country. One advantage of purchasing is that property owners are (at present) automatically entitled to a residency visa for themselves and their immediate family, subject to certain conditions.

Property prices experienced a sharp dip during the recent global financial crisis, and the market for foreigners is still at an early stage, with no secondary market yet established. Many non-Qataris have purchased properties in new developments off-plan, with prices being agreed before the market became so volatile.

REGULATIONS FOR BUYING A PROPERTY

Regulation was introduced in 2004 to allow foreigners to buy property in a number of large-scale developments, but it is only since 2009, as these projects have been finished, that the first formal transactions with non-Qataris have been completed.

PROPERTY OWNER’S VISA

Non-Qatari home purchasers are entitled to apply for a homeowner’s residence permit, which is valid for five years renewable and allows the owner and their immediate family to live in Qatar.

BUYING A PROPERTY

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PROPERTIES

THE BUYING PROCESS

Just as the property market in Doha is still at an early stage and very lucrative business investment, Makan will assist you with a search for a specific type of property.

BUYING OFF-PLAN

Buying off-plan (purchasing a unit in an apartment block before it has been built) is common in Qatar. While this may be cheaper than buying a completed property.

CONTRACTS, DOCUMENTS AND FEES

As with any property purchase, contracts should be drawn up or verified by a lawyer. Legal documents in Qatar are always written in Arabic. A lawyer should also be tasked to carry out a due diligence process on all relevant aspects, such as obtaining and verifying any necessary building licenses, planning permission consents, and company registration documents of developers or sellers, and a

secure payment agreement should be set up for any installment or deposit transactions (particularly when it is an off-plan purchase).

REGISTERING THE PROPERTY

After contracts have been exchanged, the purchaser must take the property title deeds, signed contracts and either final payment confirmation (if buying off-plan) or mortgage and deposit details to Qatar’s Real Estate Registration and Authentication Department at the Ministry of Municipality and Urban Planning. Various application forms need to be completed and documents verified, and at least one of the parties needs to be present in person. Registration must then be completed at the Ministry of Justice’s Real Estate Registration Department.

FEES

Although there is no property tax as such in Qatar, the buyer at this stage must also pay a transfer fee of 0.25 percent of the value of the property, and then a final, binding confirmation contract is approved depending on the location of properties.

Fees may also be charged by the developer for ‘extras’ such as ongoing maintenance, car park fees or other facilities, so it is important to be aware of these before the purchase is agreed on.

MORTGAGES IN QATAR

Most of the major banks with a presence in Qatar offer mortgage facilities for property purchases, although lending conditions are much less favourable now than they were before the global economic downturn. Deposits required vary from lender to lender, and depend on the value of the property being purchased.

INTEREST RATES

Interest rates and lengths of mortgages vary too. Islamic banks do not charge interest, in compliance with Sharia law, but usually have a shorter repayment term.PHOTO CREDIT: HTTP://WWW.MSHEIREB.COM/EN-US/MEDIACENTRE/MEDIAGALLERY.ASPX

PHOTO CREDITS : HTTP://MYCOREO.COM/PLANET-INSPIRED-THE-PEARL-OF-QATAR-HAS-MANY-LUXURIES-BUT-ALSO-FOCUSES-ON-THE-ENVIRONMENT/

MAKAN BROCHURE 2015

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Transcript of MAKAN BROCHURE 2015