Property & Real Estate News

Saturday, March 20 2004 @ 08:25 pm UTC Contributed by: Admin The expansion of the oil and gas sector in recent years has sparked a big demand for residential units and hotel rooms in Qatar, a major conference was told. Qatar is witnessing an unprecedented boom in the real estate sector and there is an increase in investment opportunities in the construction sector, said Tony Hajjar, chief executive officer and board director and adviser, Qatar Real Estate Investment/Thani bin Housing Group. He said Thani bin Abdulla Housing Group will construct the Al Dafna Residential Towers at a cost of QR600 million ($164.8 million) with a total built up area of 303,364 sq m. It will comprise of 1,593 units, 2 and 3 bedrooms, all support facilities and flexibility in the design can be converted into 5,000 hotel bedrooms and junior suites. Tony Hajjar's remarks, published in the Khaleej Times, came at the Middle East Real Estate conference held at Al Bustan Rotana Hotel. 'The eonomic boom and the increase in population have resulted in the rents going up by 25 to 30 per cent. Currently, the demand for residential units and, hotel rooms far exceeded the supply,' Hajjar said in the report. Along with Al Dafna Towers, the Civil Aviation Authority is currently preparing to build a new international airport at Doha with a total cost of $5 billion in three phases. The chief executive officer said new hotels and residences will be constructed for 2006 Asian Games, to accommodate 10,000 athletes and officials, 10,000 non-athletes and spectators over 150,000 is estimated. 'After the games, developers with flexible complexes such as Al Dafna Towers will be able to adjust to the market conditions. The impact will be for the short period afterwards, local demand will absorb the initial high supply,' Hajjar said. Other major developments in Qatar real estate sector include Hamad Medical City, Qatar Education City,Science and Technology Park and modern shopping malls.

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