QATAR TOPS IN SNAP­PING UP UK PROP­ER­TIES

32 > QATAR TO­DAY > DE­CEM­BER 2014

Qatar Today - - BUSINESS > REALTY CHECK -

“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&

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