(MENAFN - The Peninsula) Damac Properties has announced that it has awarded three main construction contracts in Qatar worth QR 602,685, 827.
The contracts have been awarded to Draieh Contracting LLC for the construction of three mixed-use residential and commercial projects within Qatar's iconic Lusail City " Business Square, the Piazza 1 and Piazza 2.
"Since Qatar's successful World Cup bid, there has been a spike in enquiries about property in Doha. Momentum is building in Qatar's property sector, and Damac Properties is confident that with the appointment of Draieh Contracting we will see construction rapidly accelerating at our three development sites," said Niall Mc Loughlin, Senior Vice-President Damac Properties.
Lusail is Qatar's newest planned city and is located about 15km north of Doha's city centre. Damac Properties has three luxury projects within the master development. Business Square is a 20-storey, architecturally-led, mixed-use residential and commercial tower, while the Piazza 1 and Piazza 2 are low-rise residential and office developments with an Italian flair.
Interest in Qatar's property market has been two-fold, the awarding of the World Cup followed by the introduction of new regulations allowing foreigners to gain a residence permit when they purchase property. The new ruling allows foreign home owners to substitute a sponsor's visa for five-year residency visas.
"The successful World Cup bid sparked interest in Qatar's property market from international investors, which has increased with the introduction of the new foreign ownership laws. This combination is a potent mix, which is likely to strongly influence demand for property," Mc Loughlin added.
Global real estate services firm Jones Lang LaSalle is forecasting a property boom in Qatar. It is predicting up to 14bn of growth over the next 10 years.
Analysts estimate Qatar will spend about 90bn over the next 11 years on housing and infrastructure. It has already announced a raft of major infrastructure works including a new metro and light rail system, a new port, up to 65,000 new hotel rooms, new expressways and nine new football stadiums.