General Manager of Coreo Real Estate Jawdat Al Kateb
Doha: Real estate projects in Qatar may experience a temporary slowdown in their pace due to the rising number of Omicron cases which are also affecting manpower in construction sites, however the projects which are set to be completed this year are still on track as contractors increase their manpower to expedite the projects, an official has said.
In an interview with The Peninsula recently, General Manager of Coreo Real Estate Jawdat Al Kateb said recruitment is currently in full swing in Qatar, including in the construction sector, with several real estate projects set to be completed before the FIFA World Cup 2022.
“It is a critical time for projects to be completed by September before the major sporting event. But as what we have seen last year, despite the slowdown in some projects due to the COVID restrictions implemented in 2020, there were still a lot of contractors who were able to overcome the hurdles and delivered the projects as scheduled in 2021. They did it by increasing manpower and recruiting more people to finish on time,” said Al Kateb.
He added that the real estate market has been seeing a significant increase in demand, particularly among newcomers relocating to the country. “About 70 percent of our business is now coming from clients who have just been recruited to join the workforce in Qatar and they are now looking for new homes here. This is a shift from what we have seen at the on-set of the pandemic, where movement was more internal and residents were moving for better facilities or better pricing. But since the third quarter of 2021, we started seeing an influx of new people arriving in Qatar, and not just for World Cup related projects, but also for projects in the oil and gas and technology startup sectors,” he added.
Speaking about Qatar’s readiness to provide accommodation for visitors during the World Cup, Al Kateb said the country is well prepared, with many more projects about to be completed by the second and third quarter of the year.
“A lot of them will finish more or less at the same time, which will add to the supply. The Qatari government is taking all the measures to ensure that all the needs for the World Cup, including residential supply and logistics are met. Qatar is well prepared. Aside from the hotels, cruise ships, and holiday homes, many buildings from various areas are also being leased to the Supreme Committee for Delivery and Legacy which will further add to the accommodation supply,” he said.
According to Al Kateb, real estate prices in the residential sector are now in an upward trend depending on the categories. He said smaller categories such as studios and one bedroom apartments see an increase of at least 10 percent, depending on their locations.
He added that new units in the Viva Bahriya 2 (248 apartments) and the soon-to-be-launched Giardino Village at The Pearl-Qatar, and various other real estate projects will further add to the supply of residential units in the country.
“For post-2022, some people have the impression that Qatar’s real estate market will have an oversupply and less demand. But the World Cup will attract a lot of people - including investors - to Qatar. We might see big supply available in the market after the event, but we also believe there will be greater demand, which will continue growing. I do not see a big gap in the supply and demand post-World Cup. I see it becoming more stable. There will be people who might be leaving the country, but the World Cup will promote Qatar as a destination for investments and opportunities, and we are still going to see more people coming to the county,” added Al Kateb.
Coreo was awarded ‘Best Quality Brokerage of the Year 2021’, ‘Best Property Video – First Place’, and ‘Best Quality Agent – Second Place’ at the recent 2021 Property Finder Qatar Real Estate Awards.
