Qatar Real Estate News
Doha property sector still lacks banking support
The real estate market in Doha is improving, but the recovery is getting difficult as the local banking industry is still reluctant to finance real estate sector, says the Head of an Engineering Consultancy in Doha.
The Chairman of IPRO Plan, an Engineering Consultancy, Sheikh Fahad bin Hamad Al Thani, lamented that he is critical of the banking industry in Doha as they are not much involved in the recovery process of the property sector.
Although Qatar real estate is in a good shape, the banks can help accelerate its recovery he suggested. In the local market there is much competition in the construction sector, with more eco-friendly buildings being constructed. Although they cost 15 percent more than other normal structures, they have long-term benefits.
He however denied talks that in case Qatar wins the 2022 World Cup bid, the process would shoot up, as had happened during the 200t6 Asian Games.
During the 2006 Asian Games period there was much lesser housing supplies. But, at present, the supplies are in excess and the market is flooded with three-months-free rent offers, he explains.
Although the Qatar property sector did experience the adverse effect of global economic crisis, with no new project taking off in 2009, this year has recorded several new ventures, he said.
Posted on 6/7/2010