For his part, United Development Company (UDC) President, CEO and Member of the Board Ibrahim Jassim Al Othman said, in an exclusive statement to QNA, that Qatar’s real estate sector provides attractive investment opportunities in housing and retail trade compatible with all requirements and budgets, especially after the issuance of Law No. (16) of 2018 on the Regulation of Non-Qataris’ Ownership and Usage of Real Estate, which contributed to the prosperity of the Qatari real estate market, attracting foreign investors, and granting them the advantages of Qatari residency in a safe and tax-free environment.
The success achieved by the State of Qatar in hosting the World Cup left behind a huge national legacy that contributed to a significant increase in investment returns and enhanced the attractiveness of the Qatari real estate market. UDC’s projects in the Pearl and Gewan islands achieved record demand in renting and buying real estate during the past year, exceeding 90 percent of the company’s real estate, he said.
Al Othman expected that this increase in demand would continue with the approaching completion of the Crystal Residence buildings on Gewan Island, which presents a new concept in integrated residential projects, providing luxurious facilities and services for residents in a strategic location, and a fully air-conditioned commercial area and walkway on the waterfront. As for the Pearl Island, the Pearl International Hospital will present as a prominent medical edifice that enhances the comprehensiveness of the island and its services, maintaining its high attractiveness as a preferred destination for investment, he added.
The recent prosperity of the real estate sector has been reflected in the movement of sales and leasing in the Pearl and Gewan islands evident in the satisfactory financial results achieved by UDC in 2022, he said, indicating that the company recorded net profits of QR 390 million, an increase of 10 percent compared to 2021, and revenues of QR 1.8 billion. Meanwhile, the basic earnings per share amounted to QR 0.110, a 20 percent increase from 2021.
For his part, Head of Business Development Department at Qetaifan Projects Sheikh Nasser bin Abdulaziz Al-Thani said in an exclusive statement to QNA that the real estate sector has witnessed a steady demand for residential and commercial real estate, especially in luxury real estate, adding that, despite COVID-19, the real estate sector continues to grow and attract investors from all over the world.
The Qetaifan Island North is an integrated project that contains a water park (Meryal), a hotel, a beach club, a park, a mosque, a school, and a medical center, providing all of the investor’s needs in one place. Additionally, The State of Qatar’s infrastructure development projects and future events create great opportunities for real estate developers to take advantage of, he said.
He emphasized that the Qatari real estate market has consistently achieved great opportunities and attractive returns for investors, especially in the long term pointing out that the country’s stable economy has also contributed to its emergence as a destination for real estate investment, and the financial results of Qetaifan Projects have benefited from these trends and contributed to the growth and development of the market.
Regarding the current real estate investment return and expectations for 2023, he explained that there are positive returns in the real estate sector, especially after hosting the 2022 World Cup, adding that they aspire to enhance the tourism and entertainment sectors through the Qetaifan Island North, which is the first luxury tourist and entertainment island. While return on investment is an important metric for evaluating our performance, their primary focus is to deliver a high-quality project that meets the needs of clients and investors, he added.
Regarding the opportunities for expansion and growth in the local real estate market, Head of Business Development Department at Qetaifan Projects said that there are still great opportunities in the Qatari real estate market, as the stable economy and the growing population contribute to the attractiveness of the real estate market. The growing demand for luxury residential and commercial properties also provides ample opportunities for real estate developers.
On whether there is a need for mergers leading to the creation of major real estate entities, he said that at Qetaifan Projects, we are constantly evaluating our business strategy and exploring opportunities to expand and develop our operations. While mergers may be an option in the future, our current focus is presenting the Qetaifan Island North with quality that meets the needs of our customers and contribute to the growth and development of the Qatari real estate market.
CEO of Msheireb Properties Eng. Ali Al Kuwari said in an exclusive statement to QNA that the real estate sector in Qatar is one of the most important sectors driving the economy and its growth. This sector has played a prominent role in the comprehensive development plans adopted by Qatar and has contributed to attracting companies, capital, and foreign investments significantly. With more urban projects and urban expansion, the sector continues to successfully play its role in providing great opportunities. Returns on investment in the real estate sector are a key element in continuing projects, as these returns constitute an important lever despite the global fluctuations, he added.
Through its smart and sustainable city, Msheireb Downtown Doha, he stated that Msheireb Properties presents a unique and new model for urban projects and urban transformations in record time since its launch. Currently, the occupancy rate in the city has increased significantly in various residential, commercial, and retail spaces, achieving more investment returns and reflecting the attractiveness of the Qatari real estate market to international companies.
Regarding the current real estate investment return and expectations for the rest of 2023, he explained that the returns achieved in 2022 were very good with the preparations for and during the FIFA World Cup Qatar 2022, as the occupancy rate in residential facilities reached 80 percent in 2022. Our 2023 expectations indicate an increase, especially in commercial spaces, thanks to the smart, sustainable, and modern facilities and services we provide to companies and entrepreneurs that meet the requirements of their business, in addition to the strategic location of Msheireb City.
Regarding opportunities for expansion and growth in the local real estate market, he said that Qatar has drawn up long-term plans, and therefore there are still opportunities for the real estate market to expand during the next phase to meet the needs of the market, especially in sustainable urban projects that contribute to supporting Qatar National Vision 2030.
The real estate market must adapt to the requirements of the next phase in terms of design, sustainability, and diversity, which we are beginning to see now, Al Kuwari said, noting that Qatar’s advanced infrastructure and rapid transportation routes contribute to horizontal expansion and construction in new areas thanks to the ease of movement to the main business centers.
Concerning the need for mergers in the local market to create major real estate entities that can compete locally and globally, he said that the merger depends on the companies’ decisions, ambitions, and vision. However, Qatari companies enjoy a good reputation in the real estate and construction market, in light of the achievements they have made to prepare for the World Cup. The competition of global giants has requirements and rules, and merger is one of the ways that help secure large capital and investment capabilities that can keep up with giant companies, and thus open many horizons for companies to access new markets. (MORE)
Source: Qatar News Agency