Published on 27 March 2006 at 04:20 pm
Filed in Property News for Qatar » Qatar’s Pearl Property Development Exceeds Expectations
The Qatar based United Development Company - the property development company behind the exciting Pearl real estate project - recently announced that their initial sales phase had resulted in better than expected levels of interest and that in general the Pearl was exceeding the company’s expectations in terms of its overall success.
Speaking at the company’s recent annual general meeting, United Development Company’s chairman Hussain Al Fardan informed investors that sales in 2005 exceeded expectations and that the initial reclamation phase was well advanced meaning that the company’s ambitions for a 2010 project completion date are so far on target.
The fact that the Pearl property development project in Qatar allows for foreign freehold ownership of real estate and that with property ownership comes automatic residency rights for homeowners means that the Pearl has proved exceedingly popular with international real estate investors.
As Qatar moves away from its energy industry dependence and attracts foreign direct investment and commitment to sectors such as tourism, sports and education, so the numbers of international executives and professionals entering the country and remaining for a prolonged duration increases which in turn pushes up demand for accommodation. This has led to record rental rate increases in the country’s recent history but it is also a major driving factor behind the popularity of the Pearl project in Qatar.
Why?
Because investors are keenly aware that the sustainability of Qatar’s economy has been proven and that it is in part based on a strong flow of expatriates entering Qatar to work. Each expatriate who commits to Qatar for a prolonged period requires accommodation and those who choose to rent rather than buy will be future tenants for an investor’s buy to let property in the Pearl development and those who wish to own real estate will be the future purchasers when the investor decides to sell and release his gains and capital.
The fact that ongoing demand for real estate in Qatar is almost assured and that the Pearl Qatar is the first property development in the country to allow for foreign freehold ownership of real estate means that no one is overly surprised that the levels of overseas property investor interest in this project have exceeded expectations!
