Abdulrahman Darwish
General Manager of Marketing and Sales
Best Buy Properties Ltd.
Qatar has proved to the world that it is one of the safest hubs in the region and one of the most peaceful countries, balancing economic diversification and implementation of laws and legislations, creating a perfect environment for sustainable business and growth on all different aspects.
Born in Qatar, I always say that it is one of the best places in the world to raise a family and to gain positive customs and traditions. I consider Qatar as my first home country, and I do believe that no country in the world would offer what we have been experiencing so far, especially in terms of human value and fairness.
The blockade and the pandemic periods have shown us how wisdom and intelligent governance are the main key players to the success and development of countries and I believe that Qatar has overcome all hardships.
Qatar’s leadership should be highlighted in the history books. Heading towards the final stages of the country’s infrastructure plan, in which it was and still is a major boost to the economy, the country is getting closer to the most famous event in the world and will be cementing it’s stance in history. I believe that it will be one of the best World Cup Tournaments, which will be spoken about for many generations to come.
The last four years have been challenging on every level and for all sector and entrepreneurs in the market, implementing new laws and legislation in different sectors from the licensing of real estate brokerages to organizing the labour accommodations, controlling the shared/partitioned properties, and enhancing business fundamentals; that has helped the extensive supply which has been affected by the previous hardship to stabilize.
The real estate market is still a key factor in driving the economy but at a slower pace. The market is expected to be changing in the fourth quarter of 2021 and I am expecting a shortage in the supply which will eventually lead to an increase in rental and sales prices in 2022. We surely must take into consideration constant rollouts of vaccinations, easing the travel procedures and welcoming more people in the country
The demand and supply equation will not be balanced in 2022 as the expectation of the prices in terms of sales and rentals will soar due to the preparation of the country to host the 2022 World Cup.
National and international investors are still looking at the real estate market as a safe haven and finding a very good entry point to buy because the prices have dropped significantly since the blockade and following the pandemic period but more cautiously.
The demand for high to mid-end properties is still considered positive and that has also drawn the investors’ attention and made a big shift in developing properties that serve the market better and generate moderate income. That has opened doors for many investors who have found great opportunities to start developing iconic projects by the sea, especially in Lusail City which is considered as the Future City of Qatar.
Additionally, the pandemic has pushed real estate developers to come up with creative ideas of developments in terms of unit size, design, and strategic location and forced them to introduce convenient payment plans directly from their accounts without the interference of banks, and that has attracted small, mid and large investors.
It is always considered a great opportunity to buy directly from reputable developers as this was not a trend in Qatar and there are many investors needed to invest in the country, but they could not do it due to high interest rates and complicated requirements from banks. Buying from developers directly will result in lucrative returns.
I believe that the pandemic period has taught every single person in the world a lesson!
In the real estate field, I have learned that the residential sector is the strongest among its brothers and has shown great strength and support since the commercial and office sectors have been hit hard. Today, you can simply buy whatever you think about online without visiting a commercial shop or a mall. You can finish your work at home without attending to your office. But you cannot replace your residence with any other means.
This article was published as part of the sixth edition of Property Finder Qatar’s Trends Report.
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