QATAR TOPS IN SNAPPING UP UK PROPERTIES
32 > QATAR TODAY > DECEMBER 2014
“Despite growing demand, residential real estate development in the GCC is slow with buildable land scarce and expensive, particularly in urban environments.” Qatar has been top among the world's nations in buying commercial real estate properties in London, according to a report from global data and analytics firm Real Capital Analytics.
Of the QR32.34 billion ($8.9 billion) worth of cross-border transactions in the UK, Qatar has racked up QR22.93 billion ($6.3 billion) worth of properties in the last three years. Qatar, which owns prime properties including the Olympic village, The Shard and Harrods, is followed closely by Kuwait, China and Norway, the report says. London is by far the leading destination for foreign investors in 2014, accounting for 44% of all YTD global cross-border capital flows originating from sovereign wealth funds. The city's real estate has attracted four times more capital than New York, whose cross-border transactions are said to be to the tune of QR8.37 billion ($2.3 billion), the report adds.
The 1,808-ft tall Doha Convention Centre building, whose works began in 2007 but stopped five years later, is placed fourth among the 20 tallest structures which were never completed around the world, according to a report published by the Council on Tall Buildings and Urban Habitat (CTBUH). Doha's skyscraper is preceded by Dubai's Nakheel Tower (3,280+ ft), India Tower in Mumbai (2,296 ft) and Russia Tower in Moscow (2,008 ft) respectively. Doha is followed by Dubai's Burj Al Alam (1,673 ft), Moscow's Palace of Soviets (1,624 ft), Dubai's Lam Tara Tower (1,490 ft) and Lighthouse Tower (1,319 ft), Xiamen's Fairwell International Tower (1,302 ft) and New York's Metropolitan Life North Annex (1,280 ft).
SAMER BOHSALI Partner Strategy&