Leaders in real estate in Qatar and the region discussed the challenges facing the local and international investors and sought ways to address them at a panel discussion on the second and final day of the Qatar Real Estate Forum 2023 Monday.
“Real estate business is not an easy job. It needs planning, strategy and tools to overcome several challenges,” said Marwan Abu Shanab, moderator of the panel discussion while opening up the discussion titled, “The Real Estate Investor’s Journey — Reality vs. Hope.”
The discussion focused on the foreign investor's expectations of the real estate system in Qatar as well as the best international practices and experiences to promote real estate investment. There were also proposals and solutions to improve the real estate investor's journey.
Tariq al-Tamimi, secretary of the committee on real estate sector development strategy at the Ministry of Municipality, said there will be a clear strategy in the sector. “There are plans to develop several steps in governance of the real estate as data enhancement is a top priority. We will also look into the challenges in the sector and suggest several steps to solve them. There will be clear procedures . The journey will be a double edged sword and if it is done well, it will lead to great success .”
Sheikh Nasser bin Abdulrahman al-Thani, chairman and managing director of Qetaifan Projects, narrated the challenges the project faced at the development stage. He said: “We decided to have a project by developing an island for tourism. However, as we started, the Covid-19 pandemic hit us and we had to undergo a long period to overcome the challenges associated with it.”
“Another challenge was that we are not a manufacturing country of many of the construction materials and therefore we had to import many of them. And due to the pandemic, we ended up paying very high prices for the materials. Then, we also had to face the pressure to complete the project ahead of the World Cup,” he added.
According to Ibrahim Jassim al-Othman, United Development Company (UDC) president, CEO and member of the board, UDC has a system of attracting investors in the project. “We have different ways of helping the investors such as payment method in instalment, differed payment and others . We also allow long period for the payment. We support the investors from our side in many different ways.”
Abdulla al-Mehshadi, CEO of Al Waab City, noted that external investors must have clear vision about Qatar. He said: “All entities working in the sector should come together and collaborate with each other to overcome the challenges and barriers. There can be changes in the planning of the construction and if these changes are implemented in the design stage itself , it will be great for the investors so that it does not affect the progress of the construction once started.”
“Investment in real estate face challenges in all countries. As we understood these challenges, we designed national strategy in Saudi Arabia. Real estate is one of the most secure investment areas, provided that we approach the sector with all the preparation and clear policies,” highlighted Fahad Mansour AlHashem, real estate managing director, Saudi Arabia.
The projects must be implemented with renewable energy sources so that they become environment friendly, he added.
Related Story