An expected recovery in oil prices will stimulate economic growth and help in increasing the residential real estate demand in Doha in comparison to last year, experts at the recently concluded CityScape Qatar exhibition said.
Inaugurated by Qatar’s Sheikh Ahmed bin Jassim Al Thani, Minister of Economy and Commerce, CityScape Qatar was home to 85 exhibitors hailing from over 25 countries that included Egypt, Turkey, France, and Jordan.
According to the Qatar Market Outlook Report released at the exhibition, in the past 5 years, Qatar’s retail market had performed strongly since the rent levels in existing malls continued to either increase or remain stable.
“Following today’s presentations and high profile meetings, it is exciting to see that the real estate sector in Qatar has a very positive outlook with a greater focus on growing the private sector and attracting more international companies,” said Ahmed Zakaria, exhibition director for Cityscape Qatar, Kuwait, and Saudi.
Leading up to the 2022 FIFA World Cup, Qatar’s hospitality sector was also discussed at the 3-day event. 88% of the 22,500 hotels in Qatar are of 4, and 5-star properties and an estimate of 15 hotels and serviced apartment buildings are in the works.
These are expected to launch in the next 12 months, adding 4000 keys to the existing supply. Currently, there is also a plan for 64 additional developments at various stages of planning and construction in the country.
This year’s Cityscape Qatar saw the launch of Ezdan Palace Hotel, located on Al Shamal Road, Doha and slated for completion by end of April, 2017.
Further leading regional and international heavyweights that participated were Gold Sponsors Regus and Kohler, Al Qaseer Investment and Property Development and Kleindienst, Sinpas to name a few.
This is a partner post, produced in collaboration with CityScape Qatar, of which Inc. Arabia was a media partner.