Asteco report optimistic for Qatar's property market

Qatar currently sits in a strong fiscal position with cash reserves and exports from expanding oil and gas production. This has enabled the country's government to carry out widespread plans to diversify the economy, seeing mass investment in the construction and real estate sectors.

Asteco General Manager David Oayda commenting on the study, "We have seen a change in the market, whereas sales in off-the plans developments clearly dominated, we've now seen market caution translate into buyers actively seeking more high quality developments offering a good return for money."

With a steady of flow of expatriates, many are looking for high quality housing near commercial facilities, such as shopping centers, restaurants and supermarkets. The report notes the district of Al Saad as proving popular with expats looking for relatively affordable apartments offering easy access to commercial centres.

Asteco highlight several opportunities in the Q1 report for 2009, which are expected to lead to future benefits for Qataris and foreign investors alike looking to invest in Qatar's property market:
• New sponsorship laws to encourage property investment in the nation. Foreign property investors and their dependents to be granted five-year residency visas.
• Qatar government expected to announce biggest budget for new fiscal year 2009/2010 to encourage investor confidence in Qatar's economy.
• Property owners to register contracts with Doha Municipality added security; as of January 2009, 824 contracts were registered and approximately QR4.9m of registration fees were collected.
• Qatar causeway link with Bahrain to increase demand in northern Qatar.

Oayda is clear to point out that the current market situation still bodes well for investors, advising them to 'focus on a long-term strategy, investing in quality properties at affordable prices, which are likely to dominate in the current economic climate.'

As the Qatar's property market evolves, changes in the industry will bring new challenges for property investors. Asteco's vast experience in the property market is enabling the company to consistently stay at the forefront of these changes, offering market-centric services, support and advice to ensure investors' properties continue to pay dividends in a stabilising, yet competitive market.