Doha: The increased number of Omicron cases, which are also impacting labour on building sites, may cause a temporary delay in the pace of real estate projects in Qatar. However, contractors are increasing their staff to hasten projects that are scheduled to be completed this year, according to an official.
Jawdat Al Kateb, General Manager of Coreo Real Estate, said recently in an interview that recruitment is presently in full swing in Qatar, especially in the construction sector, with numerous real estate projects in Qatar slated to be finished before the FIFA World Cup 2022.
“It’s a critical time for projects to be finished before the major sporting event in September.” But, as we saw last year, despite the fact that certain projects were slowed owing to COVID limits enacted in 2020, many contractors were able to overcome the challenges and complete projects on time in 2021. They achieved this by expanding personnel and recruiting additional individuals to complete the project on schedule,” Al Kateb explained.
He went on to say that there has been a huge surge in demand in the real estate market, particularly among newcomers to the nation. “Roughly 70% of our business now comes from clients who have recently been hired to join the Qatari workforce and are looking for new homes here.” This is a change from the early stages of the pandemic, when the movement was primarily internal, with residents seeking better facilities or lower prices. But, starting in the third quarter of 2021, we’ve noticed an inflow of new people arriving in Qatar, not just for World Cup-related projects, but also for oil and gas and technology startup initiatives,” he added.
Al Kateb, when asked about Qatar’s preparation to host tourists during the World Cup, said the country is well prepared, with many additional projects set to be finished in the second and third quarters of the year.
“Many of them will finish at roughly the same time, adding to the supply.” The Qatari government is taking all necessary steps to ensure that all World Cup requirements, including housing and logistics, are completed. Qatar has made adequate preparations. Aside from hotels, cruise ships, and vacation homes, the Supreme Committee for Delivery and Legacy has leased many buildings from diverse places. “This will increase the supply of lodging,” he remarked.
According to Al Kateb, residential property prices are now rising across all categories. According to him, depending on where they are, smaller units like studios and one-bedroom flats have seen an increase of at least 10%.
His comments come as new housing projects such as Viva Bahriya 2 (248 apartments) and Giardino Village at The Pearl-Qatar are set to open.
“Some individuals believe that Qatar’s real estate market would have an oversupply and less demand after 2022. However, the World Cup will bring a large number of visitors to Qatar, including investment. After the event, there may be a large supply available in the market, but we also predict there will be a higher demand, which will continue to develop. I don’t believe there will be a significant supply and demand gap following the World Cup. It appears to be growing more stable. People may leave the country, but the World Cup will showcase Qatar as a destination for investments and possibilities, and we will continue to see more people come to the country,” Al Kateb remarked.
At the recent 2021 Property Finder Qatar Real Estate Awards, Coreo was named ‘Best Quality Brokerage of the Year 2021,’ ‘Best Property Video – First Place,’ and ‘Best Quality Agent – Second Place.’