First batch of freehold properties up for sale in Qatar amid global interest

Freehold properties hit Qatari market as interest escalates

  • E-Mail
By  Rhys Jones Published  October 16, 2004

The first freehold properties to be offered for sale in Qatar went on the market last week following a test marketing period which saw a great deal of interest from potential investors from Gulf states and beyond. Over 1000 apartments, including 28 penthouses and 140 town homes in seven, 20-storey towers are due to be completed by the first quarter 2007 and will line Porto Arabia - the main harbour of the Pearl-Qatar, being reclaimed offshore of Doha. “These are the first properties within the Arabian Gulf to be offered with true freehold status as laid down in Article 3 of decree number 17 of 2004, issued by the Emir of Qatar, Sheikh Hamad Bin Khalifa Al Thani on June 6 of this year,” said Omar Al Fardan, director, United Development Co (UDC), developer & promoter of The Pearl-Qatar. “This decree, which is backed by cabinet approval and is subject to a draft protocol between UDC and the Government of Qatar, regulates the ownership of real estate by non-Qataris,” he added. UDC believes local, regional and international investment will be attracted to the project, which held its sales launch last week. The launch coincided with UDC’s unveiling of the final masterplan and brand essence. “The island will become the Riviera Arabia and each of the 10 districts is named to reflect a lifestyle in the Gulf,” said Nick Bashkiroff, development director, The Pearl-Qatar.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code