Citing opportunity cost as a key decision-maker for property investors in the region, Qatar will continue to provide good quality investment opportunities in the medium to long term due to its strong market fundamentals.
A growing economy and population built on the back of the country’s expanding oil and gas projects means demand will continue to remain positive in 2009.
Interest from both GCC and expatriate investors continues to be cautious since the last quarter of 2008 but we still expect a healthy outlook for high-end residential properties in Qatar.
· The Pearl, West Bay and Lusail developments commanding the highest sale prices for apartments
· West Bay and Al Sadd areas proving the most popular fully-furnished apartments and demanding the highest monthly rents
o West Bay 2 Bedroom – QR 16,000+, 3 Bedroom – QR 24,000+
o Al Sadd 2 Bedroom – QR 9,000+, 3 Bedroom 11,000+
· West Bay and West Bay Lagoon recording highest villa rental rates – QR 37,000 pcm
Commenting further, Asteco Qatar General Manager David Oayda, said:
“Market confidence is a key factor in the success of real estate markets. Speculation has been rife in the period leading up to the global slowdown; however we’ve not witnessed strong evidence to suggest an overall softening in prices.”
There is still demand for premium grade office accommodation, particularly in Qatar’s newly recognised central business district, West Bay, where multinational companies, particularly within Qatar’s oil and gas industry look to establish offices there.
With existing demand for high quality commercial and residential rental properties, Asteco advise property investors to shift their focus to best managing their property portfolio rather than aiming for resale at this time. The company offers a full range of services such as sales, leasing, property management, valuation, market research and feasibility studies that aim to help customers look after the investment, whilst making it work for them in an increasingly competitive market.
Oayda added, “Qatar’s economy is sound and expected to grow in 2009, providing business and employment opportunities for expatriates. Coupled with competitive financing options to own developments here, we expect the Qatar market to continue to provide good prospects for the year ahead.”
Monday, January 12- 2009 @ 14:14 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.