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Qatar realty sector boosted by government measures

Qatar's real estate sector is due to be boosted by measures taken by the government to develop and strengthen both the business and investment environments within the sector

Qatar's real estate sector is due to be boosted by measures taken by the government.
Qatar's real estate sector is due to be boosted by measures taken by the government.

Qatar’s real estate sector has been supported and the confidence of stakeholders boosted, owing to measures implemented by the government, said monthly real estate report released by SAK Holding Group.

According to the report, Qatar remains the country least affected by a volatile global economy owing to the government’s spending on major key projects, The Peninsula reported.

“We have witnessed a series of government measures to develop and strengthen both business and investment environments that understands the needs of the real estate sector, provides everything needed for its recovery,” said the report.

Among the steps taken are a specified time frame for the issuing of building permits and industrial projects licenses, as well as a committee to develop a process for pricing land in industrial areas.

Also in the government’s measures are logistic cities and the allocation of land for the development of schools and hospitals by the private sector.

All these steps are seen to attract local and foreign investments in the sectors and are anticipated to benefit the real estate sector.

The report added that well-adjusted development efforts will generate investment and real estate prospects, with eight likely developmental projects that will develop infrastructure, roads, drainage systems, street lighting and other basic services in Al Wakra, Al Wukair and Al Mashaf.

It will serve nearly 11,000 new lots of land, anticipated to increase investor demand and draw interest from developers for land to create projects that fulfil the needs of residents and potential newcomers.

The report however cautioned that if supply exceeds expected demand, especially in luxury properties, there might be an adverse impact on the real estate sector.

The construction materials market will be positively affected when Qatar Primary Materials Company (QPMC) starts production and recycling of construction waste, reducing imports of some types of primary building materials while enhancing the stock pile of materials supplies needed for the construction sector.

This is not only important from an environmental perspective, but contributes to sustainable development and will ease pressure on ports while supporting the strategic reserve of primary construction materials in the country.

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Construction Week - Issue 761
Mar 21, 2020