Property Assessment in Qatar (Case Study the Pearl Residential Apartments)

Abstract

The Gulf countries have been maintained as Tax Free heavens due to their strong revenue from their natural resources like Oil. However, by the end of 2014, the oil prices has dropped in the world resulting in the gulf region to have a tremendous drop in their earning; which lead to a big deficits in the gulf countries’ budgets. Many analysts believe that property taxes are on the way, because governments are seeking means to diversify their income base and reduce their dependence on oil. Property taxes are one of the key determinants of property value in the west, and so will require a method to evaluate the market price of properties. This research paper will draw inferences from the limitations of traditional and contemporary real estate appraisal methods from academic research. Many of the past and contemporary methods assume vast assumptions which make them largely unreliable. A goal programming model can be made inclusive of the all variables affecting a property’s value and does not make substantial assumptions. We applied a goal programming model to assess the model’s effectiveness in estimating the price of a real estate property and found that it comes significantly close to the actual value price.