(MENAFN- The Peninsula) By Satish Kanady / The Peninsula
DOHA: Qatar's real estate market is heading to a ‘soft landing' before taking a turnaround in post 2020, Barwa Real Estate Group CEO Salman bin Mohammed Al Mohannadi (pictured) has said.
Speaking to The Peninsula here yesterday, Al Mohannadi said Barwa is forecasting a soft landing going forward. The market has been witnessing a scenario for long where the rents were far beyond reasonable. As a realistic market player, Barwa wants to play the role of a moderator in the market, he said.
Al Mohannadi said the Barwa has no intention to increase rents in short term. 'All of us know that that at certain point, the real estate market will face two scenarios. Either it will have to crash or will have a soft landing. In a ‘market moderator' role we are trying to orchestrate a scenario of soft landing rather than a crash, the Group CEO said.
The Group believes that the rents, across the board, will further go down a little bit in the coming months, which is good for all the market players and local economy as well. 'It will be a win-win situation for all the market players, he said.
On the current market trends, Al Mohannadi said Qatar's real estate market is on a strong foot and is very positive.
'Current market scenario is very positive it is healthy because we are seeing a shift in whole market and you will see a tendency of rents is deciding into a balancing level and at the same time the quality is improving. Al Mohannadi said the Barwa Village Extension Project will be completed by the third quarter of this year. 'We are seeing a very good appetite and leasing will begin from the third quarter. Barwa Village Extension project aims to construct an additional building stretching on a land plot of 19,433 square meters. The total built up area will be 34,492 square meters with residential units, retail shops in addition to a hypermarket. The overall expansion will offer a total of 71 shops and 177 different sized residential units.
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