Qatar's Emir Sheikh Hamad bin Khalifa Al Thani Monday issued a decree that allows non-Qataris to own residential properties in some housing projects.
The law, Number 17 of 2004, would become effective from the date it is published in the official gazette.
The law has been issued after reviewing a set of relevant legislations passed since 1963 governing rent and real estate in Qatar, The Peninsula reported.
However, a comprehensive memorandum of rules would be put in place after being approved by the Cabinet, to facilitate the enforcement of the new law.
The law seeks to allow non-Qataris to buy and own real estate in select areas in Qatar and they include the proposed Pearl Island, West Bay Lagoon and Al Khor Resort projects, says Article 3. Regulations with regard to this provision is to be passed by the cabinet.
Non-Qatari buyers could own real estate at the above three locations for 99-years and the period would be extendable for a similar period, according to Article 4. This is subject to regulations issued by the Cabinet.
Non-Qatari buyers could own one or more residential units in the above residential complexes on a 99-year basis, which would be extendable for another 99 years, says Article 5. (menareport.com)
© 2004 Mena Report (www.menareport.com)
