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Qatar Real Estate Report Q3 2011 Published on July 2011
Report Summary Qatar's construction industry has much to look forward to with an ambitious spending plan from the government that includes a new US$25bn railway, new metro system and numerous large building projects. The government is planning to invest more than US$125bn over the next five years in energy and construction projects as part of its development strategy and more than QAR130bn (US$35.7bn) on residential and business construction projects. The plans in the run up to the World Cup have caused an increase in property transactions and so landlords have reduced or removed terms in incentive take-up. There are a number of new developments currently under way including the Dubai Tower, an 84-storey, mixed-use tower that is due to be completed in 2011. Palm Tower is also being built in West Bay. The new Doha Expressway will connect the capital with the planned Qatar-Bahrain Friendship Bridge at al-Zubara. These projects are adding space to a marketplace that is already over-supplied. The vacancy rate in Qatar's West Bay area stands at around 20% for 46 completed towers, despite government attempts to mitigate vacancy levels by leasing space. Real estate developers holding debt have also seen deterioration in their ability to repay loans on the back of declining rents in the country. Despite regional instability, Qatar itself is a remarkably settled state and, well into the medium term, the economic prospects include strong growth, including continued expansion of the crucial energy sector and substantial current account surpluses. Qatar's economy is growing at a fair pace and BMI thinks this will continue, particularly throughout the next two years. Some of the key opportunities currently in the real estate market are: - The development of property related to the 2022 FIFA World Cup. - An upturn in demand combined with difficult access to finance by developers should help lower the relatively high vacancy rates, if only temporarily. - In August 2011, Qatar Railways Company will open to bids for early work on a QAR130bn railway and metro system, according to Bloomberg in June 2011. - Qatar is improving organisation of its real estate sector to help reduce illegal operations, and so has announced that real estate agents operating in the country without a licence will now be subject to a QAR50,000 (US$13,700) fine, according to AMEinfo. Some key risks to the current real estate market are: ' Jones Lang LaSalle warns that demand is likely to be rather less than the huge amount of new supply coming on to the market. - So far, Qatar has escaped any political unrest of its own but the neighbourhood is unsettled and, particularly if Iran is involved, Qatar could see trouble reach its shores.
Table of Content Executive Summary . 5 SWOT Analysis .... 6 Qatar Real Estate/Construction SWOT . 6 Qatar Economic SWOT 7 Qatar Business Environment SWOT 7 Real Estate Market Overview .. 8 Table: Qatar's Real Estate Market ' Historic Rents, 2009 And 2010 (m2/month, US$) ... 9 Table: Qatar's Real Estate Market ' Net Yields, 2010 And 2011 (%) 9
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>> Get this Report Now by email! Table: Qatar's Real Estate Market ' Terms Of Rental Contract/Lease, Mid-2010 .... 10 Table: Qatar's Real Estate Market ' Available And Vacant Space, Mid-2010 (m2 %, unless stated) . 10 Real Estate Market Analysis 11 Industry Forecast Scenario ... 12 Real Estate Outlook ... 12 Table: Qatar's Real Estate Market ' Rentals, 2010-2012 (m²/month, US$) .... 13 Table: Qatar's Real Estate Market ' Forecast Net Yield, 2008-2015 (%) .. 14 Construction And Infrastructure Outlook 15 Table: Qatar Construction And Infrastructure Industry Data, 2008-2015 .. 15 Table: Qatar Construction And Infrastructure Industry Data, 2012-2020 .. 15 Macroeconomic Outlook . 17 Qatar ' Economic Activity, 2008-2015 .... 18 Business Environment .... 19 Real Estate/Construction Business Environment Rating ... 19 Table: Middle East And Africa Real Estate/Construction Business Environment Ratings ... 19 Qatar's RECBER .. 20 Qatar's Business Environment .. 21 Table: BMI Business And Operation Risk Ratings .. 21 Table: BMI Legal Framework Rating . 23 Table: Labour Force Quality .... 26 Table: Foreign Direct Investment Inflows Into The Middle East And Africa, 2006-2008 .... 27 Table: Trade And Investment Ratings . 30 Table: Qatar's Top Export Destinations, 2000-2008 (US$mn) .... 30 Competitive Landscape ... 32 Company Profiles ... 33 Barwa Real Estate 33 Qatari Diar Real Estate Investment .... 35 Qatar Real Estate Investment Company .. 37 Thani Bin Abdullah Housing Group ... 38 United Development Company . 39 BMI Methodology ... 40 How We Generate Our Industry Forecasts ... 40 Construction Industry 41 Bank Lending ... 42 Real Estate/Construction Business Environment Rating ... 42 Table: Weighting Of Indicators 43 Project Finance Ratings Indicators .... 45 Table: Design And Construction Phase ... 45 Table: Commissioning And Operating Phase ' Commercial Construction 46 Table: Commissioning And Operating Phase ' Energy And Utilities .... 47 Table: Commissioning And Operating Phase ' Transport 48 Sources .. 49
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