DOHA: With project works of Doha Metro rail picking up, real estate investors are increasingly looking to invest in the outskirts of the city, the areas covering an estimated over 100km network.
There is a growing appetite to invest money in the interiors like Al Shamal, Al Khaisa, Umm Salal and Al Kharaitiyat.
Works on metro project are fast progressing. Simultaneously, the government is investing huge amount of money in the interiors to develop infrastructure facilities with the support of concerned municipal authorities.
The civic bodies have also set aside enough money in their annual budgets to expand public service facilities in their areas, adding incentives to investors.
In Al Shamal, 12 major commercial complexes are under construction and several projects are in the designing stage.
These development works are encouraging investors to put their money in these emerging townships, Roots Real Estate General Manager, Ahmed Al Arouqi, told an Arabic daily.
Similarly, a large number of development works are also in the pipeline in and around Al Khaisa, Umm Salal and Al Kharaitiyat.
The remote Al Kharaitiyat recently hit the headlines after a plot in the area was sold at a record QR19,091 per sqm.
Deals involving open lands have increased manifolds in the area over the past several months.
Of late, a large number of deals are taking place in the interiors of Doha. Investors in the real estate sector are pinning hopes on the future development of these areas.
Non-availability of vacant plots in Doha and the prospects of future development in the areas covering the rail network have pushed up demand in Doha’s interiors, said another market player.
“New opportunities are awaiting investors in the outskirts. In terms of real estate projects, Doha City has reached a point of saturation.
“There are not many vacant plots available in the city. The asking prices of available plots are too high. With Doha becoming overpopulated, developers expect that more and more people will move out to these locations in the near future,” said another market player.
With Doha having expanded significantly, there are few real estate investment projects inside the city, and investors are focusing more on the outskirts, said Ahmed Al Khalaf, prominent Qatari businessman.
Experts at the recent Cityscape Qatar conference noted that Doha Metro stations will be better connected to nearby developments than Dubai Metro.
Doha Metro is expected to take 500,000 cars off the road each day when it is fully operational, dramatically reducing greenhouse gas emissions and the city’s significant traffic bottlenecks.
The four-line metro is expected to operate its first passenger service in 2019 and will eventually link up to a planned heavy rail network.