Sunny outlook for Qatar's real estate market

Speaking at a media roundtable this week, General Manager David Oayda said

"the outlook for the property sector in Qatar remains very positive".

The country's strong fiscal position and generous cash reserves from expanding oil and gas production and exports have enabled the government to carry out economic diversification plans, investing in the construction and real estate sectors. A steady inflow of expatriates and international companies needing accommodation and office space has contributed to demand, particularly for rental property.

Mr Oayda added, that as a company Asteco is in a strong position strategically both in a buyers' and sellers' market, offering a full range of property services which continue to bring in revenue even in these financially strained times.

These include sales, leasing, property management, valuation, market research and feasibility studies. Asteco's support and expert advice helps make investors' property work for them in an increasingly competitive market.

Given the previous sales boom, Asteco's property management division is working to full capacity. Mr Oayda commented that "People won't stop investing, they'll just want sound advice about where the best place is to invest right now, which Asteco is able to provide.

Our advice to investors under current market conditions is to move away from a short-term strategy and think long-term. We advise property owners to hold onto their assets and continue to invest in them, via management services such as leasing assistance and strata management."

Asteco has been a key player in Qatar's property boom, with sales for danat Qatar, Ruby Tower, California and Florida Tower, all in The Pearl-Qatar, showing exceptionally strong sales and further interest from local and regional investors.

The current economic climate may not be such a bad thing for the Qatar real estate market.
- Inflationary pressures previously leading to sharp increases in construction costs, housing and rental prices in recent years are expected to ease.
- The real estate sector expects to see less speculative investorswho discourage genuine buyers.
- Developers are being encouraged to focus on the timely delivery of high quality projects, thus attracting more discerning buyers.
- Banks begin to better manage the risks associated with over exposure to the real estate sector more prudently

These positive effects on the real estate sector will assist Qatar to create a more transparent, fundamentally sound and regulated market; in turn creating more attractive opportunities for investors in the long-term.