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Tue 24 Mar 2009 07:34 AM

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Damac sees growth in Qatar property market

Company chairman says Gulf state's real estate sector set to buck global downturn.

Damac Properties has predicted that demand in Qatar's property market will continue to grow in the medium-term outlook even as other markets start to feel the impact of the global economical crisis.

The Dubai-based company believes that with today's current Qatari economy conditions the government will continue to carry out all key development projects such as the New Doha International Airport and the $2.5 billion Energy City which will contribute to the economy growth in many sectors including real estate.

"All indicators in the Qatari market indicate that the economy is expected to perform at least as strongly as 2008 driven by energy production and related industries also in investments aimed at economic diversification," said Damac Properties chairman Hussain Sajwani.

Damac sees one of the key factors for the market stability is the Qatari authority's impressive macroeconomic performance in recent years, which has strengthened the economy's resilience to the current global financial crisis and economic downturn.

"There is no doubt that the domestic investment programme that was launched by the government has created diversity in the economic base. The banking sector would be one of the major beneficiaries of these projects and also regional diversification programs have also helped to boost the banks' capacity to finance development projects," added Sajwani.

"Today Qatar's real estate sector is showing signs of correction, this doesn't mean the market is falling apart or the demand will stop.

"Although investors were showing a 'cautious' approach to property investment in the region, but by looking at the given facts and figures, the medium term outlook for Qatar is still in good shape," said Sajwani.

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