Foreign embassies buy and sell properties just like everybody else. They even contribute a significant part in the real estate market. And according to the Realtor, the Embassy of Qatar puts two of its prime properties in Washington, DC in the market.
The Middle Eastern country puts its high-end properties namely the colonial home in Spring Valley for $1.9 million and its contemporary home in The Palisades for $1.7 million. Both properties' listing agent is Arnez Washington of Century 21. The agent shared that both homes were custom made for the embassy way back in 2000.
Washington said that the two properties are home to "quite a few diplomats and politicians, members of the academic community, doctors, and lawyers."
Based on the listings, the property in the Palisades is single-family contemporary home that sits on a 9,312 square feet lot. It has seven bedrooms, five full bathrooms and one-half baths. The house has high ceilings with gourmet kitchen with granite counters and a comfortable dining area. It also has a private yard and a play area perfect for the whole family especially those with children. It is close to parks, restaurants as well as banks.
Reportedly, the agent met the dignitaries last year during a property show. Dignitaries from Qatar were interested in the properties that Washington showed them. However, another Middle Eastern country bought the property on the spot with an all in cash. The Qataris were impressed with Washington and so they hired him for their future transactions.
But the challenging part when it comes to real estate transactions for foreign dignitaries is that there are certain standards that should be followed. The long closing period is also a big factor to consider. As Washington said, "We're talking about 60 to 75 days," he added, "You can't just go to a title company."
It is a long process than the usual because the agent needs to get a diplomatic note and at the same time go through the U.S. Department of State.
The reason for such sale was not mentioned. However, Washington pointed out that embassies do not buy properties for investment. Given that, then the sale most likely does not have anything to do with making money.
