(MENAFN- The Peninsula) joel johnson |
The Peninsula
Qatar's real estate industry has witnessed a significant upsurge in the market this year as several realty agents and brokers
noted rising trade activities. According to the Ministry of Justice, the volume of real estate trading volumes in February 2023 reached QR2bn, and in March 2023 approximately QR1bn was recorded.
Speaking to The Peninsula, Jeffrey Asselstine, Managing Director at NelsonPark Property said that the realty industry is certainly one of the key and underlying economic fundamentals in the country, which makes Qatar in a strong position in addition to the abundant oil and gas trades carried out.
Qatar's robust economy stimulates a threshold for pivotal projects to take place while foreign investments and activities keep soaring into the country. Asselstine said that the firm largely contributes to the country's growth and economy adding that NelsonPark Property“works with tenants and sellers to add value to the market”.
As a real estate broker partnering with numerous clients and developments across the country, NelsonPark Property has been at the forefront of huge projects in Doha, The Pearl, and Lusail City.
“We work with all of the main developers like UDC, Al Mana, and Ramaco. We also work with a lot of individual landlords,” Asselstine said.
He expounded that the residential industry is a vital aspect with high demand as numerous projects have been unfolded with developers across the country.
Asselstine said,“We are in discussions now with three or four developers that are bringing projects to the market, and in every case, it is residential”. With many available apartments and villas in the country, the residencies have been a boon for several real estate brokers. P13
Highlighting issues regarding the unchanged rents post-2022, the real estate expert said:“Rents were due to increase last year anyway. They have fallen so far that I was not surprised to see the increase. It depends on the market and landlords would not change the rent if the places are empty.”
The expert outlined that the changes in rent will be implemented as the property owners would want more tenants to come in, and fill the available space.
The current real estate market is beneficial for both tenants and landlords, said Asselstine adding that so many properties were built and developed due to the FIFA World Cup 2022 hosted by Qatar and these projects are assertive on revitalising the country's economy.
Highlighting issues regarding the unchanged rents post-2022, the real estate expert said:“Rents were due to increase last year anyway."
He continued saying that "They have fallen so far that I was not surprised to see the increase. It depends on the market and landlords would not change the rent if the places are empty.”
The expert outlined that the changes in rent will be implemented as the property owners would want more tenants to come in, and fill the available space.
The current real estate market is beneficial for both tenants and landlords, said Asselstine adding that so many properties were built and developed due to the FIFA World Cup 2022 hosted by Qatar and these projects are assertive on revitalising the country's economy.