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%.
Even though property prices keep soaring in Qatar, observers avow that the real estate sector will be a landmark in the annals of construction in this Gulf peninsula, owing to the looming launching of a wide-ranging spectrum of mega infrastructure projects.
With The Pearl-Qatar having impeccably made its way to sheer success, the oil and natural gas rich country must be considerably hinging on the ripple effect of the Middle East’s most prestigious location.
The Pearl is actually the first land in Qatar to be available for freehold ownership by foreign nationals. In less technical terms, if non-Qataris wish to own and then dispose of a property or land in Doha, The Pearl is just what they are looking for.
Moreover, with an expected occupancy by some 45, 000 residents by 2015, the Pearl-Qatar will have abetted a more flourishing economy by generating more revenues. “The Pearl-Qatar has the potential to generate more revenues in the upcoming period,” said Badr al-Meer, Acting CEO of United Development Company (UDC), the developer of The Pearl-Qatar.
“Our occupancy is currently at 43% and given the fact that not all projects are complete, the occupancy level is very satisfactory,” he added. The Pearl continues actually to attract the special interest of buyers and investors in more than 52 countries.
Just recently, UDC and Blue Salon inked an agreement to open 18 high-end leading retail brands in the island. Meer said that the company was negotiating with additional groups on opening retail outlets at The Pearl.
He also corroborated that the attraction of such brands had majorly contributed to growing occupancy rates. “As of today, 9000 people have made the island their home,” he indicated.
In frank terms, not just does Doha mend its pace to the top list of the Arab world’s most glamorous residential realm, but it may be also outdoing Dubai in the retail stakes.
With such a nascent real estate sector and an increasingly booming economy, Doha’s chances to become the capital of shopping in the Arab region are getting closer to being a reality.