The Pearl-Qatar leads the way in foreign land ownership
The US$2.5 billion Pearl-Qatar offshore residential island project continues to advance on all fronts – reclamation, construction and sales – with the target of early 2007 for the first residents to move in.
The Pearl-Qatar is the first development in the region to take the bold step of offering 100 per cent foreign ownership of land in the development.
Each purchase on the development is freehold - for national or expatriate - whether a tower block, a luxurious villa or a deluxe apartment. By agreement with the Government of Qatar, this freehold grants the total property rights to the buyer, until either sold or transferred due to inheritance.
The buyer also benefits from a ‘perpetual visa’ allowing them the right to reside in the property or to visit it at any time. These rights are now enshrined in Qatari law.
Commenting on the freehold issue,The Pearl-Qatar Director of Development Nick Bashkiroff said: “In this region the issue of foreign ownership has been a controversial and often a thorny one. Once again, through the foresight of the government of Qatar, The Pearl-Qatar has shown an innovative approach to ownership issues.”
”We have completed reclamation of just over half the final land area in August – totally on schedule. Full reclamation is set for mid-2006. Major piling has already begun; and in the coming months we’ll see work on essential services and infrastructure.”
When completed, The Pearl-Qatar will house more than 35,000 residents in an upscale, multicultural community. “We’re building a real, thriving community - complete with schools, healthcare facilities, shopping and entertainment. And we have even set up a network of water taxis linking the West Bay business area. It’s a great way to travel to work - certainly beats the traffic jams!”
There are substantial and flexible mortgage offerings. Mortgages are available for up to 85 percent of the cost price of each property – and for a generous repayment period of 25 years, if necessary. Two of the Gulf’s leading banks, Commercial Bank of Qatar and Qatar National Bank now work hand in hand to meet all purchaser requirements.
The entire island will be managed, serviced and maintained by the developer in perpetuity and is a vital part of the agreement with every buyer. Continued Bashkiroff: “Our two initial villa releases on the southern waterfront have sold out. We have also released a further series of 145 luxury villas. Sales interest has been fantastic and we predict that these will all be sold out very soon.”
© 2005 Al Bawaba (www.albawaba.com)