Jawdat Al Kateb (left), General Manager, Coreo Real Estate and Ali Radi, General Manager, Steps Real Estate
Doha: As the FIFA World Cup 2022 is underway in Qatar, real estate companies in the country are poised for a viable and sustainable development. The mega sporting event, which is expected to attract over a million visitors is also hopeful for the growth and expansion of investments in Qatar.
Jawdat Al Kateb, General Manager of Coreo real estate said: ‘We have seen an increase in demand for real estate in Qatar. It is interesting to see how we have been waiting for the World Cup for a long time and what we see is a lot of people coming to the country.
Coreo, an award-winning real estate company in the region that won two platinum-tier awards this year is a leading property finder with key projects from leasing to sale. Al Kateb accentuated the surge in projects as many potential entrepreneurs and business executives will be arriving for World Cup. He said: “A lot of projects have expanded like tech companies that are coming to the country. So I would say the increase in real estate projects has increased.”
The real estate company has received many projects that are being implemented this year and the coming to expand their projects worldwide. “This year we have launched new projects and received a huge demand from them and we have been able to reach nearly 100 percent occupancy in a lot of towers,” Al Kateb said.
“We also have expansion plans carried out presently and the post-world cup. So at the end of the day, the market we believe will have a lot of developments that will be added on to the market,” he added.
Hoping for potential foreign business projects, the firms also believes more investments will be made by international companies and the partnerships will flourish further down the road. Ali Radi, General Manager, Steps real estate said: “The impact of our business growth has affected the economy for sure. Sustaining the economy through the good and difficult times by maintaining a benchmark for the real estate market and creating opportunities for people to invest in Qatar real estate as you are aware construction is one of the major sectors in the country’s economy and bettering this sector will be beneficial to job opportunities and economic cycle.”
According to the Ministry of Justice, the market made nearly 50 commercial transactions this year until September with a value of QR15.2bn with the majority of residential property and the highest demand, especially for rental properties. Radi said that “When coming to Qatar, you can see that investment here is a great opportunity for many reasons. The government invests heavily in the country’s infrastructure and the laws that are continuously evolving and adapting to changes happening which makes the real estate in Qatar have the highest appreciation ratio worldwide.”
“At the moment we are focusing on the consistency we provide and being sustainable with us leading the real estate market. We do see the potential for growing in the gulf to accommodate our wider range of clients and providing an expanded range of investment,” he added.
