Despite falls of up to 50% in property prices in some areas of Doha, massive developments currently coming online, predicted falls in rents and a global drying up of credit, property developers in Qatar are upbeat, at least according to an article in the Peninsula today.
Company director of The Land, Hussain Fakhri, at the launch of luxury tower Porto Vista, stated that Qatar's 'fast growing economy' continues to offer unique investment opportunities for investor. He also claimed that, despite a slowdown in sales in 2008, the company was continuing to see interest from investors abroad looking to invest in Qatar.
His statements were echoed by general manager of Sotheby's sales and marketing Qatar division, who stated that real estate in Qatar remained unaffected by the global credit crunch - and that in contrast to other companies who were laying off staff their team actually planned to expand next year.
Qatar does seem to remain relatively unaffected by the credit crunch, at least for the moment. However, I still plan to put off my purchase of a luxury villa in the Pearl Qatar for at least another year!
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