Qatar property sector bright says expert
Doha, January 21, 2009
Activities in the real estate sector may have been dampened in recent months, but with demand still exceeding supply in Qatar, there is no evidence to suggest a sharp drop in commercial and residential property prices, according to property management services company Asteco Qatar.
“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,” said general manager David Oayda speaking at a media roundtable.
“A steady inflow of expatriates and international companies needing accommodation and office space has contributed to demand, particularly for rental property.”
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.
“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,” added Oayda.
“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. – TradeArabia News Service
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