Abdulla bin Jobara Al Romaihi, Acting Group CEO of Barwa Real Estate
Barwa Real Estate is currently in the process of identifying new real estate projects it will develop from its land bank which is worth over QR10bn. The company owns a vast number of land parcels across Qatar and plans to build new communities and integrated cities in those areas.
“As Barwa has got a land bank that consists of huge lands worth QR10bn and more, we are visiting all those lands to be developed. Those lands are scattered in different areas. Some of them are in Lusail, some of them are in the South and some are in the North (of Qatar). We’re looking for the best fit which can be developed. We are now visiting all of those banked lands and doing the feasibility study for them to be developed. And that will give a viability for the development of different projects and different communities,” said Abdulla bin Jobara Al Romaihi, Acting Group CEO of Barwa Real Estate, while talking to The Peninsula on the sidelines of the launch of Barwa’s ‘Madinatna’ and ‘Barahat Al Janoub’ residential projects in Al Wakrah recently.
Al Romaihi also expressed his optimism for the future of the real estate sector in Qatar, and reiterated the growing demand for ownership of properties including apartments, even among expatriates in Qatar.
“Currently in the market, we can see there are over 100 to 200 apartments to be sold in the country on a daily basis. And even on individual basis, people are buying their apartments. Real estate, which is a very important market in Qatar, will continue to grow. There are more areas to be developed and people will continue to come to Qatar,” he added.
Al Romaihi also reiterated that the new Non-Qatari ownership of real estate law will not only provide a boost to the local market, but would even lead to the creation of a specific niche market in Qatar’s real estate sector.
“We believe there will be a demand for this category of people, expatriates owning their properties will be a niche market. On a monthly basis, there’s a big number of expatriates who purchase properties. And this will continue. I think this will create a certain market which has not yet been really utilised. People are now moving onwards. With the COVID-19, people were slowing down. But after the pandemic, we’ll see a tremendous change in the real estate especially in the new ownership law for the expatriates,” added Al Romaihi.
Barwa recently announced its plans to develop affordable integrated cities for the low- and middle-income class people, with an aim of improving the living standards of the residents. The company has also released a total of 8,129 units in the Qatari market last year. Construction for its new residential projects, ‘Madinatna’ and ‘Barahat Al Janoub’ for families and workers in Al Wakrah, was launched recently, and is expected to be completed in May 2022.
