Qatar Real Estate News
Qatar realty sector continue to remain promising
The real estate sector in Qatar will continue to be a promising investment opportunity, despite global financial crisis, assured the Prime Minister and Foreign Minister, Sheikh Hamad bin Jassim bin Jabor al-Thani.
The Minister, during his speech at the opening session of Qatar Property Investment Forum, said that certain elements in Qatar would contribute towards curbing the impact of the world financial crisis on Qatar’s economy and property market.
This is mainly due to policy adopted by Qatar to allocate a reasonable portion of its financial surplus to accumulate monetary reserves guaranteeing stability and development financing, to make up for decline in prices of oil and natural gas.
The production capacity of oil and gas is likely to increase in the next five years. The production of oil and natural gas will more than double in the next five years, while the production of LNG will increase in the next few years by 150 percent, the Minister revealed.
As for the impact of global financial meltdown on Qatar’s overseas investments, he stressed that Qatar’s investments has been so planned that it remains safe against the losses. The overseas investments in Qatar are diversified and are of strategic nature. This will protect foreign investments in the real estate sector against fluctuation and losses which can take place for short term investments or those based on speculations.
The General budget of the state is projected to increase in volume of investments next year, and will feature an increase in volume of investments with special emphasis on infrastructural projects and expansion of the national economy capacity.
As for the performance of the real estate sector in Qatar, the Minister said that the growth rates achieved during the past two years is sufficient proof for viability of the two sectors. The construction sector achieved QR14.6bn in 2007 registering an increase of 22% compared to the previous year, while the real estate sector registered an increase of QR12.2bn in 2007, an increase of 41.8% compared to 2006.
The high growth rate of real estate has been further enhanced by the high rate of economic growth in Qatar, the Minister said.
The forum was held at the Ritz Carlton hotel, under the patronage of the Prime Minister, with a host of real estate and investment companies from various Arab and world countries.
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