Qatar Real Estate News
Qatar property sector sure to ride out global financial crisis
Qatar, being an energy-rich country, which diligently utilizes its resources, is on its path towards development, is an emerging economy, said Max Thorne, the Vice-President (development for Africa, Europe and Middle East) at BridgeStreet Worldwide, a leading operator of corporate housing and serviced apartments.
According to Thorne, Qatar would continue to welcome corporate travelers due to its fast-paced economic development, as several mega projects are being implemented in the country.
“Given the strong fundamentals, the real estate sector in Qatar will surely withstand the current global financial turmoil,” an international expert in Corporate Housing and Serviced Apartments was quoted as saying.
The corporate travelers worldwide would certainly prefer quality serviced apartments than hotels, opinioned Thorne, who spoke to the Gulf Times. Thorne commented that even if the financial crisis bears an impact on the flow of corporate travelers to the country, the impact would only be negligible.
Owing to the crisis, the real estate prices are likely to undergo a correction. He said that the serviced apartments and corporate housing sector is a different segment altogether, although the overall economic downfall would affect one and all.
Thorne was speaking in connection with BridgeStreet entering Qatari market, when he said that the investors around the world seem very bullish about Qatar and that his company has entered Qatar for long-term.
BridgreSteet together with Tadmur Real Estate of Doha, will manage four properties in Doha, including a tower at West Bay, comprising 514 service apartments.
BridgeStreet is a division of Sorrento Asset Management, and a major provider of wealth management services and products, with a wide network of about 10,000 serviced apartments worldwide. It manages about 1000 units in the United Kingdom alone.
Posted on 3/11/2008