Saturday, 03 June 2023 09:41 GMT

Real estate, construction shrug off illegal siege


(MENAFN- Gulf Times) The real estate and construction market has remained stable over the past four months and not been adversely affected by the unjust blockade imposed on Qatar by Saudi Arabia, the UAE, Bahrain and Egypt.
Experts in the field have stressed that the market has also seen enhancements and improvements during this period, according to local Arabic daily Arrayah.
The main reasons behind this is the strength and solidity of the Qatari economy, cash flow, provision of timely and alternative sources of building materials beyond the siege nations, local manufacturing of some construction raw materials, increased supply of plots ready for building and investment, honouring contracts and its making the country an attractive environment for investments, and the inauguration and operation of Hamad Port, which eased the flow of goods and trade, the daily reported Accordingly, the experts point out that compared to last year, there has been an increase of around 50% in the number of plots assigned for various projects.
This has mainly been driven by a strong liquidity position, high purchasing power and signing of scores of contracts to build new residential and commercial complexes.
In addition, the government has offered the necessary support to enhance the growth of the sector, as hopes are high that further improvements will be seen next year.
Mohamed Shaheen al-Dosari, former member of the Central Municipal Council, said the real estate and construction sector has maintained its stability and continues to be attractive for investors due to the increasing demand for all types of real estate properties, whether residential, or commercial or service-oriented.
Engineer Mohamed Ibrahim al-Mohannadi said real estate prices have stabilised and are quite reasonable, reflecting positively on sale and purchase transaction.
Besides, the availability of building materials has made it possible to speed up the building process and, thereby, rent out or sell such properties expeditiously. This is a major incentive for investors to put money in this sector.
Qatari businessman Ahmed al-Khalaf said immediately after the blockade was imposed, the country was able to provide alternative supplies from Turkey, India, Pakistan, Iran and other nations at competitive rates.
The supplies were swiftly made available in the local market and nobody felt there was any shortage, he added.
Besides, the population remained stable, which indicated that all businesses are continuing as usual.

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