Qatar puts up ‘for sale’ sign with new property visas

Qatar puts up ‘for sale’ sign with new property visas

DOHA “” Gas-rich Qatar has flung open its property market to foreigners, with a scheme giving those purchasing homes or stores the right to call the Gulf nation home.

The scheme, announced in September, is the latest in a series of measures designed to diversify Qatar's economy away from fossil fuel dependency and attract foreign capital ahead of the 2022 World Cup.

Well-heeled individuals are being invited to consider the glistening seaside tower blocks of Doha's man-made Pearl island or the brand new Lusail city project that flanks a World Cup stadium. Retail units in malls also qualify buyers for residency.

The reforms could also help soak up an oversupply of units, which has left gleaming towers half-empty and seen prices drop by almost a third since 2016, according to consultancy ValuStrat's Price