Qatar Real Estate News
Qatar property sector tries to match-up supply with demand
The supply in Qatar real estate sector is increasing to catch-up with demand, offering good choice of low, mid and high-end sectors, said Khalifa Al-Misnad, the CEO of COREO real estate agency.
With more developments nearing completion, clients have various choices of accommodation with better price range. In a market which is currently moving towards luxury developments, such a shift is hoped to have the biggest impact on independent single professionals and lower income group.
On the other hand, any increase in low-end housing units, will not disrupt the market prices in any way, said Al-Misnad.
Pointing out to the eligibility criteria for affordable housing, by Barwa Real Estate development, he said that factors such as income and the number of dependents and several other such conditions had to be met to be eligible for housing. This is being done so that the accommodation reaches those with greatest need, and also guarantees a degree of market stability, he said.
Prizes of mid and higher accommodation, however, may be varied, with new towers entering the Pearl and West Bay localities, as three new blocks are likely to be handed over at The Pearl by July 2010.
According to Al-Misnad, movement at the top end of the market may not be very dramatic, as handovers are generally phased floor-by-floor, with developers and agencies go through snag lists. Here, supply will increase only gradually.
He also said that potential tenants can expect better deals within six to twelve month time frame. COREO, being a real estate agency, and not a developer, it represents owners on the resale and rental side of the market. The company is involved in advising and consulting owners on market data and what prices they can reasonably sell or lease their property at.
With several buyers and investors requiring purchase at the Pearl, most are waiting to see what happens in the next few months, just to ensure the market movement with increased supply. COREO has been proposing to owners who want to sell that they open up to the option of leasing their unit, in case they are not in a position to sell at the current market prices, he said.
Posted on 16/6/2010
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