Qatar's property market remains strong as the economy continues to grow
Doha, March 23rd 2009: Luxury lifestyle provider, DAMAC Properties has said the demand in the Qatar’s property market will continue to grow in medium term outlook even as other markets start to feel the impact of the global economical crises.
DAMAC Properties believe that with today’s current Qatari economy conditions the government will continue to carry out all projects such as the New Doha International Airport at the cost of $5.5 billion, the $5 billion Lusail real estate project, the $5 billion tourist project in al-Khor and the $2.5 billion Energy City which will contribute to the economy growth in many sectors including Real Estate.
“All indicators in the Qatari market indicate that the economy is expected to perform at least as strongly as 2008 driven by energy production and related industries also in investments aimed at economic diversification,” said DAMAC Properties Chairman, Mr Hussain Sajwani.
DAMAC Properties sees one of the key factors for the market stability is the Qatari authority’s impressive macroeconomic performance in recent years, which has strengthened the economy’s resilience to the current global financial crisis and economic downturn.
“There is no doubt that the domestic property investment program that was launched by the government has created diversity in the economic base. The banking sector would be one of the major beneficiaries of these projects and also regional diversification programs have also helped to boost the banks’ capacity to finance development projects,” said Mr. Sajwani.
DAMAC Properties first project in Qatari was “The Pizza” , launched in 2006. Last November DAMAC properties unveiled mega promotion for its residential development in Lusail Qatar by handing over the keys of a brand new 2009 Jaguar X Type with 1 year free insurance for purchase of any residential units during the promotion period.
The move came as part of the company’s commitment to the Qataris real estate market despite the recent changes in the investment climate in the real estate sector.
“Today Qatar’s real estate sector is showing signs of correction, this doesn’t mean the market is falling apart or the demand will stop. Although investors were showing a “cautious” approach to property investment in the region, but by looking at the given facts and figures, the medium term outlook for Qatar is still in good shape”.
“Even with the economic climate getting more and more challenged, there’s no doubt that out of these difficult times comes as a real opportunity, especially for long term investors “.added Mr. Sajwani.