Doha: H E Sheikh Ahmed bin Jassim bin Mohamed Al Thani (pictured), the Minister of Economy and Trade, yesterday said the real estate sector will see new waves of recovery and prosperity in the coming years, thanks to infrastructure projects that have attracted large numbers of workers and expatriates, which will in turn increase the demand for housing projects, real estate and services such as schools and hospitals as well as development projects in the sectors of retail and commercial projects. He was delivering the opening speech at Cityscape Qatar which is the largest real estate event in Qatar.
He added that demand for residential units is expected to reach 245,000 units by 2017.
“Qatar is still facing challenges in the real estate sector. In the lead up to the World Cup 2022, Qatar needs to build 12 eco-friendly stadiums costing $32bn, pave roads and streets worth $20bn, construct 45 thousand hotel rooms and complete the Msheireb project costing $5bn, as well as other real estate projects such as Qatar Rail, Doha metro and the deep sea port project,” he said.
On the ministry’s handling of inflation in the face of rising demand for construction materials, the Minister said the state has an integrated plan on basic construction materials and is working with the private sector in that regard, adding that some basic materials are already being stored with plans in place to ensure their availability in a timely manner to meet the needs of projects. “The exhibition reflects the big leaps that Qatar has made in investment and the real estate sector and embodies the enormous boom, which has taken place in Qatar over the past decade through the investment of huge real estate projects,” said the minister.
Sharing the spotlight with international exhibitors at Cityscape were Qatar’s leading real estate developers, headed by Foundation Sponsors Ezdan Holding Group and United Development Company. Other prominent exhibitors include Msheireb Properties, Barwa Real Estate and Al Bandary Real Estate.
“The opening day of our 2014 edition has demonstrated clearly that investors and developers, participating in record numbers, regard Cityscape as the only must-attend real estate event in Qatar,” said Deep Marwaha, Group Director for Cityscape.