The State of Qatar is currently one of the top destinations of the world. It is attracting people from all around the globe for various reasons. It is a hub to the world’s businessman, engineers, athletes, multinational companies, banks, diplomats, etc. All of these factors and many others have led to a big evolution in Qatar’s real estate market.
A recent report stated that the Qatar real estate has benefited from foreign investors purchasing residential units, capitalizing primarily and predominantly on demand by Qatar expatriates who live and work in the country. The same expert report, voiced that this trend is not going to dramatically change in the near future. Currently, the Qatar real estate market, offering a huge supply of apartments for sale in Doha, has attracted investors from around the region in districts that permit foreign freehold in Qatar properties. A clear instance is seen in the number of residential towers at The Pearl Qatar being developed by regional companies. Other projects from example, have also drew leverage from foreign investment, again mainly from developers within the GCC region.
Gulf Cooperation Council (GCC) countries are racing in competition to construct tall buildings and the highest buildings in the world. These structures are a source of national pride and cultural identity facilitated by economic prosperity. For instance, the urban landscape in the Qatari capital is changing drastically and evolving for the last few years, we have witnessed in this thriving urban modern environment the emergence of different districts, which have distinguished Doha with a striking futuristic skyline.
The State of Qatar has long embarked on a journey of innovation and development. Its real estate projects have boomed in a significant way in the last 10 years or so.
The Pearl Qatar stretches on 14 million square feet, and has been valued at USD 2.5 billion. It is considered a fully integrated community, offering a mix of properties including varieties of apartments off the coast of Doha, Qatar. Both a community and a tourist destination, the creation of the Pearl Qatar aims to diversify the country’s economy and propelling the property sector in Qatar. Built on a former pearl diving site, the brand pays tribute to its strong historical and cultural ties to the sea. The Pearl Qatar is poised to provide a slew of supply of residential units for sale in Qatar, including 30,000 apartments on the man-made island.
The State of Qatar is an example of how innovation, progress and development should be in real estate.
Moving step by step over the years, it has become today a world-class destination attracting all kinds of investors, multinationals, artists, and now awaiting to be hosting the World Cup in 2022. This all has contributed in a booming in the real estate market.
In mid-2013, the International Monetary Fund expected the property market in Qatar to remain steadfast and robust in 2014, especially as real GDP growth rate was projected to reach 5%.
Extending over 400 hectares of land (4 million square meters) of reclaimed land and 32 kilometers of coastline, The Pearl Qatar is a 12 billion-dollar mega development by United Development Company (UDC), naturally, the company’s flagship project, and one that has reshaped the state’s urban structure. Located in a prime area 350 meters offshore of Doha’s West Bay, The Pearl Qatar is a man-made island that hosts a luxurious mix of residential, office and entertainment outlets.
Qatar is currently one of the richest countries in the world. Many foreigners are at the time being relocating to Qatar, working in different areas such as the oil and gas industries or infrastructure projects as the country prepares itself to host the 2022 FIFA World Cup. This being said, it is obvious that with this increasing trend, the real estate market is in an ever-growing evolution with clients seeking luxurious apartments and property for sale.
In November 2012, Qatari Diar announced it was accepting bids for the construction of what it announced would make the world’s tallest tower in Qatar, the 112-storey Doha Convention Center and Tower – for which plans had been initially held off due to concerns over the tallest tower disrupting airplane traffic at the Doha international Airport.