DUBAI, Oct 6 (Reuters) – Qatar said on Tuesday it will allow foreign companies and individuals to own real estate in more areas in the country, liberalising rules to attract overseas funds in the sector as part of moves to diversify the economy.
Non-Qatari individuals could own properties in nine areas, up from three before, while the number of areas where foreigners may use real estate has also been increased to 16, a government statement said.
Foreign companies can also own properties in nine areas, a big boost from the past when they were only allowed access to real estate ownership within the confines of The Pearl Island project in Doha.
“Such decision would contribute to the advancement of the Qatari real estate market, the acceleration of the economic development, and the stimulation of the real estate sector,” the Ministry of Justice statement said.
The Qatar government will also grant