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Satyendra Pathak
Doha
Steady rise in the number of expatriates and the approval of a draft law that allows non-Qataris to own real estate has given a major boost to the real estate sector in Qatar, top officials of Doha-based realty firms and industry insiders have said.
Industry insiders attending the ongoing Cityscape Qatar Exhibition said the economic blockade imposed on Qatar by some of its neighbouring countries had failed to make a dent in the country's real estate market fundamentals.
Residential demand in Qatar is increasing at a decent pace and is expected to pick up momentum from 2019, Al Asmakh Marketing and Communications Director Michael Kfoury said. Next year is going to be the starting point of major recovery in Qatar's realty sector, he added.
"Things are expected to be better from this point. We are also upbeat about the sector in the long term. We are going into new projects. We are also diversifying our projects to hospitals and schools and facility management," he said.
Occupancy rate at The Pearl Qatar is increasing at a decent pace despite the ongoing siege, a senior official of its developer United Development Company (UDC) said.
UDC Executive Director Commercial Abdulrahim al Ibrahim said the occupancy rate at the man-made island is expected to increase further from 2019 as many new towers will be ready to be occupied.
Despite the blockade, Ibrahim said, all projects on The Pearl Qatar are going on as per schedule.
Ibrahim said,"While we are focusing mainly on people residing in Qatar, response from international buyers is also very encouraging which is evident from the fact that the iconic island has attracted investors from 53 different nationalities."
The new draft law to allow 100-percent ownership to foreign investors in most sectors of the economy coupled with rise in oil prices has already started attracting fresh investments into Qatar's real estate sector, Doha Bank Group CEO R Seetharaman said.
"This reform aims to invoke interest from non-Qatari investors, support Qatar's diversification, and drive the pace of economic development and security of investment in Qatar," he said.
According to a recent report by SAK Holding Group, Qatar is expecting an increase in the inflow of investments into the real estate sector going forward, especially in the housing sector."The activities in the construction sector will witness a peak during the second half of this year," the report said.
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25/04/2018
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