Qatar Real Estate News
Qatar realty sector to receive major boost with FIFA meet announcement
The Qatar real estate market, hit by supply surplus and huge rental declines, is now holding on hopes on the outcome of the 2nd December FIFA meet, when the host country of the 2022 World Cup would be announced.
A group of realtors are of the strong opinion that Qatar property market would bounce back to its 2004 level, when the property sector in the country witnessed an unprecedented boom.
However, at present, there is a real slowdown in the market, with several commercial towers remaining vacant. The oversupply, coupled with huge decline in rentals, has compelled developers to go slow on few of their major projects, said a market leader who spoke to the media.
He said that the realty market in Qatar is awaiting the 2nd December announcement, in which Qatar is a potential bidder. The market leaders are of the belief that the property market in the country has great stakes in the FIFA announcement.
Several projects would be launched ahead of their schedule, in case Qatar wins its bid, and this will have a great impact on Qatar real estate market.
The property developers are also expecting an increase in population in Qatar, in case the country wins the bid. The developers consider the present slowdown as only a temporary phase, and are confident about the fundamentals of Qatari economy.
The Generalo Manager of Tornado Company, Said Abu Odeh, speaking about the recent launch of the iconic Tornado Tower at West Bay, said that the tower is already completely occupied, and that the market is slowly picking up after a lull.
But, with majority of commercial space remaining vacant in the diplomatic area, the real estate developers are forced to accommodate government offices, for much below the market rates. Majority of the Grade A office stock in Doha is located at the West Bay area.
Posted on 13/7/2010
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