The Qatari real estate market is seeing positive movement, with high levels of activity and increased interest in residential properties, according to a statement issued by Coreo Real Estate and Relocation Company (COREO), one of Qatar’s leading independent real estate companies.
In a recent statement, Mark Kettenis, residential real estate expert at COREO, indicated to Qatar’s rising international profile and population increases due to business expansion as main catalysts for the positive condition of the market.
“If we take our website as a sample of the overall interest in the market, the signs are very positive. Searches for rental apartments in Qatar have increased almost 75% in comparison to the same time last year, with much of the interest focusing on the Pearl specifically” Kettenis commented, adding, “This is not surprising, considering the success of the World Cup 2022 bid, and the increasing appeal of the Pearl as a place of residence”.
The Pearl has long been seen as one of the most attractive areas of Doha for residential property among expats coming to the country for work. This is mainly due to the luxurious amenities, landscaped beaches, marina, restaurant and retail scene.
COREO’s latest statistics, however, show that close to 70% of searches for rental property in the Pearl and West Bay are now coming from inside Qatar rather than internationally.
“There has been a perceived oversupply of residential rentals in Qatar since 2010, but with the number of COREO’s rentals increasing 8% in the second quarter of 2012 alone, and demand continuing to outstrip supply on the Pearl specifically, we can only see the rental market going from strength to strength in the foreseeable future” stated Kettenis.
Qatar’s population has increased by approximately 140,000 people from the same time last year according to latest numbers from the Qatar Statistics Authority (QSA), driving demand for rental accommodation in popular areas of Doha such as the Pearl, which sees properties regularly achieving significant capacity within months of completion.
Kettenis commented that: “2012 has been a great year so far; the increased interest in the property market reflects Qatar’s booming economy and points to a bright future not just for us, but for the entire country”.
COREO is Qatar’s only specialised Real Estate and Relocation Company, with a portfolio of luxury properties on the Pearl and in various other areas of Doha. The company’s website mycoreo.com is a leading resource for those seeking property for sale or rent in Qatar.