Nassif Haydamous
General Manager
Le Mirage property management
Introduction
The Qatari real estate market has recently experienced significant changes and disruptions in demand, particularly before and after the World Cup. These events are a stark reminder of the challenges faced during the previous Corona crisis, which caused unrest within the Qatari market. As professionals in the real estate industry, we understand the importance of navigating through such trying times while ensuring sustainable growth and competitiveness.
The Pitfall of Short-Term Solutions
In times of market fluctuations, it is not uncommon for some businesses to resort to short-term solutions such as lowering prices and cutting back on services. While these measures may attract immediate attention, they often come at the cost of compromising product quality and service quality. As renowned hotelier Conrad Hilton stated, “Consistency in quality is the true criterion for staying ahead.”
Embracing Stability in Quality
Rather than succumbing to price wars and service reductions, a more prudent approach involves embracing stability in the quality of our real estate offerings. This is an opportune moment to invest in further developing the quality of our products and services. Such a strategy ensures customer satisfaction and maintains our brand’s competitive value, even during challenging market conditions.
The Temptation of Flocking to the Active Segment
In the current scenario, the active segment of the Qatari real estate market has become the focal point for many businesses, leading them to overlook their existing properties. Instead of competing to attract a limited customer base, we advise our fellow professionals to invest time and effort in maximizing the potential of their properties through quality enhancements and service improvements.
A Long-Term Perspective
While it may seem tempting to prioritize immediate gains, maintaining a long-term perspective is vital. By preparing accurate marketing studies, we can gain insights into competitor pricing strategies and identify opportunities to create attractive offers without compromising quality. Such an approach ensures that we not only fill our properties efficiently but also maintain the standard of excellence that distinguishes us in the market.
Conclusion
Finally, success in Qatar’s dynamic real estate market depends on our unwavering commitment to maintaining consistent quality. Regardless of market fluctuations, we must persevere and invest in the long-term viability of our properties. By adhering to this principle, we can weather difficult times, gain a competitive advantage, and emerge more robust when the market recovers. Let us keep Conrad Hilton’s advice in mind as we navigate the ever-changing real estate landscape over the next two years, ensuring that the highest quality standards permeate our current and upcoming projects. Our commitment to excellence will remain the cornerstone of our success within and beyond the Qatari market, whether catering to residential or commercial trends, renting or buying
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