Qatar Real Estate News
Qatar plans upgrade of infrastructure to resolve surging housing costs
A veteran developer in Qatar, Hayar Abdul Reda Mashhadi, said that it will take several years before the prices of housing begins to balance, and will be governed based on supply and demand situation in Qatar.
The developer pointed out that the government recently assured an extra QR130bn towards upgrading infrastructure, as it is hoped to resolve the rising cost of housing in the country to a certain extent.
The population in Qatar has grown quickly during the past couple of years, touching 1.5mn, and this is one serious problem to be tackled. The problem in housing emerges due to high demand in certain localities, Mashhadi said, taking the terms of prices and supplies in housing market into consideration.
To add to this, several lands that were kept aside for foreigners are now being purchased for investment purposes, and are sold out quickly, he noted.
During his exclusive interview for the forthcoming “The Report: Qatar 2008” – the latest annual business publications by Oxford Business Group, he said that the main catalyst would be the availability of suitable land for middle-income group.
There is high demand and lot of potential for these kinds of developments on the outskirts of Doha, especially the villa-type dwellings. Qatar also has good strategy to cater to variety of incomes.
The government is making all possible effort to ensure that the planning for utilities coincides with planning for construction, but, unfortunately, few companies go ahead without informing authorities about their possible completion date, and sadly, this is a common problem in Qatar. He expressed fears that the surplus projects that are currently happening in Doha, would suffer due to lack of utilities and infrastructure. With several projects in hand, we should seriously attend to this problem, he concluded.
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