Mubasher: Al Asmakh Real Estate Development Company expects commercial real estate areas in Qatar to rise by 40% in 2019, boosted by the completion of mega commercial centres across different regions of the world’s richest country per capita.
The real estate sector will take advantage of the significant improvements in infrastructure, especially those related to the new transportation facilities and infrastructure developments including roads and bridges, according to a report released by the Qatari real estate company.
The new transportation hubs such as Hamad International Airport, railway network and Hamad Port will be the main driving force of the growth of real estate sector, the report added.
This will contribute to promoting the retail and hospitality sector which will in turn have a positive impact on the real estate construction operations by taking advantage of the hotel expansion, along with benefiting from the establishment projects of commercial complexes in order to meet increasing demands of consumers for the growing retail sector in Qatar.
The number of complete projects in office areas will increase within the next three years, bolstering vacant real estate areas which will reduce the rental prices of office spaces.
Despite the excess supply in the office market, there is still a need for smaller office spaces ranging between 100-150 metres, especially in business centres, the report added, noting that over the last two years, the office market relied strongly on the governmental sector as complete buildings were leased to state-run authorities in the GCC region.
The supply in the office market has surpassed the demand which retreated as of the beginning of 2019, amid expectations of a gradual declined supply in the office market by the fourth quarter of 2020.
