Qatar Real Estate News
Qatar realty sector will outdo its regional counterparts
The real estate sector in Qatar is likely to grow by 7 percent this year, reveals the latest study by Oxford Business Group.
The growth rate, despite being lesser than the projected GDP expansion, it represents the solid performance in the property sector, which has witnessed steep fall across the region in the recent past, the report points out.
The report also said that Qatar real estate sector will post a strong performance this year, in comparison to the comparatively sluggish performance in 2009, although the industry was able to ride through the global economic downturn with ease.
Being associated with the construction sector, the real estate sector in Qatar has been greatly benefitted by the measured interventions by the Qatari government, with its efforts to promote the banking sector by purchasing large stakes in banks property portfolios and rolling out a stepped-up programme of infrastructure developments, the report by the group said.
The report also pointed out the government’s role during economic crisis, wherein, the government had pumped in billions of dollars into the banking system of the country, thereby restoring confidence in the sector, and prompting finance sector to continue offering credit to private sector.
The government also made investments in transport, tourism and industry and social infrastructure projects, aiming to increase Qatar’s appeal as a residential and business destination, thereby boosting the prospects of real estate sector. The Chief Executive of Barwa Group, Yousif al Khater, speaking about Qatar property market, said that being one of the fastest-growing economies in the world, and given its strong commitment in ramping up infrastructure spending, Qatar will see its real estate sector grow from strength to strength.
The Qatar property sector, with its strong demand fuelled by high economic and population growth, is likely to fare better than its regional counterparts, Khater said.
Posted on 3/5/2010