Carlo Schembri, Exhibition Director of Cityscape Qatar
The amendment of the law allowing foreign investors to hold full ownership in Qatar’s residential and commercial sectors, will give a massive boost to the country’s real estate sector, a top real estate marketing influencer told The Peninsula.
The introduction of more freehold zones indicates greater efforts from the Qatari government to diversify away from oil revenue. And incentives by the government to boost industry outside of the hydrocarbons sector is seeing investment trickle into logistics and manufacturing, thereby giving rise to real estate demand, Carlo Schembri, Exhibition Director of Cityscape Qatar said.
Speaking Exclusively to The Peninsula, in the run up to the high-profile real estate conference and exhibition, “CityScape Qatar”, scheduled to open next month, Schembri said: “By allowing investors with more options when it comes to office space, it has signaled to foreign companies that Qatar is quickly becoming an attractive destination to set up shop. The real estate sector is now more accessible to wider pool of investors.
Developers and government organisations are seizing the opportunity by offering attractive office, residential, and retail spaces. Individual investors will also see the approach of the Fifa World Cup in 2022 as a catalytical factor when setting up shop in the country,” he added.
To date, Lusail City, a flagship project by the Qatari Diar, has been named the futuristic green city and is now one of the top areas for residential and commercial real estate investment, said Schembri. West Bay and Onaiza are also primed to introduce real estate space into the market and bring the total number of freehold zones to 10.
The addition of new freehold zones and the law allowing non-Qataris to own freehold property will also fuel a boost in demand for affordable housing. However, there will still be no shortage of projects and developments with luxury offerings, as it will always remain a key segment when attracting investors to Qatar, he added.
Schembri has earlier noted that Qatar’s real estate market is on the move again, with over QR9.5bn worth of real estate deals concluded in the first five months of this year. Real estate activity in ‘emerging municipalities’ is also increasing, with investors seeing the potential market for these locations.
“Emerging municipalities such as the ones in Al Wakrah, Al Khor, and Al Rayyan have enjoyed a healthy amount of interest from investors, and recorded QR2.89bn worth of transactions in July. By offering building and land plots for multi-use projects such as offices and living spaces, these city-projects are positioned to create communities that will contribute to Qatar’s commerce and residential real estate markets,” Schembri added.
