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April 2014:
propertyfinder.qa,
Qatar’s leading property portal, has released its first quarter
(Q1) 2014 report. Using data derived from visitor behaviour and
properties viewed and listed on the site, the report provides readers
with a perspective of Qatar’s current and future real estate
market. Recently announcing plans to increase government spending by
3.7 percent to QAR 218.4 billion (USD 60 billion) in the 2014/15
fiscal year, Qatar has put together a massive real estate and
infrastructure building programme, in an effort to improve its
economy and build towards its hosting of the 2022 FIFA World Cup and
in order to leave a sustainable legacy.
“Whilst The Pearl
and West Bay continue to be favourites amongst buyers, this quarter
saw Al Waab make a debut appearance in the top 10. Considered a
city-within-a-city, Al Waab is famous for its beautiful residences,
modern office spaces, retail outlets, leisure facilities and
landmarks such as the Villagio Mall; Qatar’s largest mall and
Khalifa Stadium; the country’s largest sports and entertainment
stadium,” said Monsi Rabah, Country Manager of
propertyfinder’s Qatar operation.
Increasing
interest in buying and renting can be seen from data in
propertyfinder.qa’s report that reveals a 20 percent rise in
views of villas and over a 30 percent rise in the views of 2 bedroom
apartments since Q1 2013. “As for renting, The
Pearl, Abu Hamour, West Bay, Al Waab and Al Sadd held top spots yet
again this quarter. Reflecting the rise in rents as more expats come
to work on World Cup projects, we’ve seen a marked spike in
searches for properties in these communities so far this year,”
said Rabeh.
With
as much as USD 205 billion expected to be spent on infrastructure
projects between 2013 and 2018, immense opportunities exist for
developers, both local and international, due to the requirements of
the FIFA World Cup in 2022 and ambition to continue Qatar’s
national vision. “The country is one of the most exciting
destinations on the globe for investors given the huge real estate
and construction boom and the fact that it is one of the world’s
fastest growing economies with the highest GDP per capita. With
millions of visitors and football fans anticipated in 2022, in
addition to new real estate and infrastructure, Qatar is also
planning the development of several hotels and retail districts over
the next few years. The massive
developments underway will have long-term positive repercussions for
Qatar as it strives to create new jobs and diversify its economy,”
added
Rabeh.
To access the
complete report, please contact Anna Lucas at anna@propertyfinder.ae.
