the global investor
Strong Real Estate Sector Despite All the Challenges:
Qatar Shows Us How
Q
atar — that little country in the Persian Gulf — is a power player with a lot of money and ambition, even on the real estate sector stage. In just 50 years this tiny Middle Eastern nation has gone from a poor pearling and fishing country to an oil giant with one of the highest per-capita gross domestic products (GDP) in the world. Alongside the rapid population growth, these factors contribute to making the Qatari real estate market one of the most successful markets in the region, either in residential, commercial, or retail real estate.
that “Qatar’s property sector has been one of the main casualties from the blockade that was imposed in mid-2017.“ But it didn’t stop Qatar from becoming worldwide famous for its architectural masterpieces, such as the Pearl-Qatar, Msheireb Downtown Doha, Lusail City, and various other projects. It also managed to come at the forefront for adapting ‘proptech’ — an emerging field that implements the use of technology in real estate to produce the best results.
about 50 percent and office space by 40 percent due to expected demand from the World Cup, according to a report by DTZ, the longest established global real estate advisor in Qatar. FIFA requires Qatar to have at least 60 thousand hotel rooms in place for the month-long tournament, which is estimated to draw about 1,5 million fans to Qatar — more than half of its roughly 2,8 million population.
The biggest number of new buildings will be constructed in Lusail City — the coastal metropolis located 16 With its National Vision 2030, Qatar kilometers from Doha, which is being is on its way to becoming a role developed by a state-controlled model for sustainable urban living. Qatari Diar real estate company.The However, a few years ago the sitEco-friendly and smart high-tech project was initially conceived back uation in the Qatari real estate buildings are trending in the Qatari in 2005, but development truly took sector was not so vibrant. At that real estate market right now, and off when Qatar was announced as time, Qatar had to face a diploas the real estate projects are exe- the host of the 2022 FIFA World Cup. matic, trade, and transport boycott imposed by Saudi Arabia, the cuted in a short duration without Also known as one of the largest United Arab Emirates, Bahrain, and compromising on quality, Qatar also commercial projects in the Middle Egypt over allegations that Doha demonstrates its commitment to be East, Lusail City is a futuristic green supports Islamist terrorist groups. ready for the 2022 FIFA World Cup. city project, which is expected to be Jason Tuvey, an economist at Capi- To be more specific, in the few completed by 2022. It will hold the tal Economics, an economic research upcoming years Qatar has to largest stadium by capacity at the consultancy based in London, noted increase its residential space by first FIFA World Cup hosted in the
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