Foreigners can buy property in designated areas. The three main ones are The Pearl, West Bay lagoon and Al Khor but other places are now becoming available. The Pearl is currently being promoted hard, but if you ring Barwa they will offer you other areas. Prices are sometimes quoted in riyals, sometimes in dollars. 1 dollar is equal to 3.64 riyals. The currency is tied to the dollar, and so is not subject to short term fluctuation.
Mannzili.com provide the facility to all about the property just like purchase details, property cost, buy & sell and so on. You pay for the registration of your property with the land department. There is no capital gains or inheritance tax. The developer also has first right of refusal. However, these conditions end when you have taken complete possession of the property.
When you buy a property you can obtain residency for you and your dependents. You have to organize the visa yourself (or pay someone to do it for you). This involves going to and providing proof of ownership. You can also obtain residency for your dependents. This includes parents, wives, husbands and children. According to the Pearl’s representative, when children get married they are no longer considered to be dependents.
Mannzili.com provide the facility for Expatriates to rent out property and can either do so through an agency or by themselves. They retain their residency when renting out property.
