Qatar Real Estate Investment: Why Are More Investors Pursuing Ready Projects Over Off-plan Properties?
Real estate has reigned supreme as the world’s best long-term investment for countless decades. However, considering the pandemic, many are understandably looking for up-to-date and experience-backed advice before purchasing a new property.
Today, our expert Sales Property Consultant, Abdullah Manna, answers a pressing question among those seeking to succeed in real estate investment in Qatar and expats in Qatar looking to live in the grandeur Gulf nation.
Why are more investors currently interested in ready properties compared to their off-plan counterparts? Watch our video below for the answers or read on for further insight.
Off-plan project demand drops amid the pandemic
After the 2008 financial crisis, demand for off-plan properties in Qatar fell, but eventually exceeded that of ready projects by the end of 2017, thanks to Government efforts.
Nevertheless, due to the pandemic’s effects on the local real estate market, prices of ready to move real estate investment properties dropped substantially, now beating the current demand for off-plan properties. Whilst also consequently creating remarkable on-going property investment opportunities for those wishing to profit from consistent rental income by buying low.
Off-plan projects take time to complete
Alongside the peak in demand for ready properties at record-low prices, our real estate experts have noticed investors and expats exponentially diverting from the lengthier task of obtaining under-construction projects, due to developers needing to:
-Complete all approvals and registrations before finalising the sale
-Follow the development plan in detail
-Have no financial stress, a good track record and be able to deliver the project on time
Thus, setting their sights on the shorter timeframe involved purchasing ready to move in properties throughout Qatar.
Interest in ready projects sky-rockets due to updated residency criteria
Moreover, before the Ministry of Defence recently released new support measures helping expats gain residency more easily in Qatar, sponsorship from an individual or business was a necessary, often arduous step.