Qatar

After two years of house price falls, property prices in Qatar have been stable during 2011, according to property consultant, Asteco.

At Viva Bahriya-Pearl, whose 29 towers are located in The Pearl-Qatar:
The average sales price of new apartments was QAR15,500 (US$4,254) per sq. m. in Q4 2011, unchanged from last year, but down by almost 28% from two years ago. In Q4 2011, the average price of existing apartments was unchanged from the previous year, but down by around 15% from Q4 2009 to QAR14,500 (US$3,979).
At the Porto-Arabia Pearl, the first phase of The Pearl-Qatar, which has a total of 31 towers:
The average apartment sales price in the primary market was QAR13,500 (US$3,705) per sq. m., the same as last year, but down by 16% from two years earlier.In the secondary market, the average apartment sales price was QAR10,750 (US$2,950) per sq. m., down by 7% from two years ago.
At the Lagoon Plaza, an extravagant twin towers complex in Doha:
The average sales price of new apartments was QAR12,500 (US$3,430) per sq. m. in Q4 2011, down by 17% from the same period two years ago.For existing apartments, the average sales price was QAR9,500 (US$2,607), down by 24% from two years ago.

Qatar issues permanent residence visas to foreigners buying freehold properties, under Law No. 17 of 2004, which permitted foreign freehold property ownership for the first time. A property boom followed, fuelled by Qatari purchasing power and by an influx of expatriates, triggering a property price surge from mid-2000s to early-2008.

However, property prices declined sharply between Q4 2009 and Q2 2011:
In 2009, house prices dropped by as much as 40%, according to estimates. In 2010, house prices fell by about 4%, according to Saudi-based banking firm, Samba Financial Group.
Consumer and investor confidence is now rising again, due to Qatar’s spectacular economic growth.

"With prices having stabilized for the fourth consecutive quarter, there is now strong evidence to suggest that prices have finally bottomed out and will not decline further," said Jed Wolfe of Asteco Qatar.

Three areas have been set aside for this visas-for-sale scheme: the Pearl-Qatar, West Bay Lagoon and Al Khor Resort.  The visa remains valid as long as the foreigner keeps the property in his name. Foreigners and expatriate residents account for about three-fourths of the population. About 82% of the population lives in Doha and Al Rayyan, according to the Qatar Statistics Authority (QSA).

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