Qatar Real Estate News
Project delays, increased costs, defer development projects in Qatar
The rapid economic growth in Qatar has resulted in shortage of material and restricted access, leading to costly delays and considerable hike in contracting costs, says Khalil Sholy, the President and Managing Director, United Development Company (UDC).
The Oxford Business Group (OBG), in their Report: Qatar 2008 states that while Qatar is expanding infrastructure in several sectors, improvements are not quick enough. Delays and high project costs have made the development prices dearer, and several projects are being shelved in their conceptual stages.
The increased costs are ultimately passed on to the consumer, which makes it increasingly difficult to find affordable housing, particularly for expatriates. With the current pace of economy, the problem will continue to grow, but Sholy says that the government is working on long-term strategies for resolving problems in the future.
One of the attempts made by the government to diversify Qatar’s economy, such as focusing on the real estate and construction sectors, have in turn, created opportunities in insurance, finance and service industries.
With the success attained in one area, several opportunities and new industries are created. This ensures sustainable growth. Leaders should continue to identify new growth areas and take measures to ensure that these industrial areas are filled, Sholy pointed out.
OBG is a global publishing, research and consultancy firm, publishing economic and political intelligence on markets of Middle East, Eastern Europe, North and South Africa and Asia. “The Report: Qatar 2008” is one of the latest annual business guides to the emirates by the OBG, and is the premier guide for foreign direct investment into Qatar's economy.
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