Nick Bashkiroff

There will be a total of 8,000 residential units for sale with the first delivered in late 2006 or early 2007.

'It is an inevitable comparison but the project actually preceded The Palm in its genesis, and Qatar is further ahead in the legal ownership of property by foreigners than Dubai. The various decrees are already in place establishing foreign ownership rights and the law of inheritance.

'We also have an easier job in reclamation than The Palm as The Pearl-Qatar is in shallow water and is a reconstruction of an existing former pearling island,' explains Mr. Bashkiroff, originally an architect by training and a veteran of many large property developments in the US, Europe and the Middle East.

The Pearl-Qatar is being built 350 metres offshore the West Bay Lagoon area of the country's capital, Doha, and will eventually house 30,000 residents in a multi-cultural residential community within a secure and exclusive island retreat, enjoying the ambience and lifestyle of the Mediterranean to the heart of Arabia.

The cost of the smallest 1,291 sqft residential apartment will be $250,000 up to $1.4m for a 6,400 sqft penthouse, and a 4,150 sqft town house will be around $1m.

This four-phase development comprises 10 distinct districts to be developed over five years. And the Riviera Arabia themed districts will house three luxury hotels, four marinas, with combined mooring for over 700 boats, and 600,000 sqft of retail and restaurant space.

'We will be rolling out our PR and advertising campaign this autumn targeting the local and expatriate population, and then particularly concentrating on the UK and Russia for the second home market. This is an upscale development for people who want to stay out of the cold, and full residency rights will be available.

'Right now the Middle East is the hottest real estate market in the world, the result of well documented tragic events and the return of money here and high energy prices. Dubai has clearly led the real estate development phenomenon but we see this broadening out into the wider region, especially into other safe havens like Qatar.'