Real estate • Forum
Despite COVID-19, Qatar’s active upgrading and modernization programs across the country, along with the slew of projects in the buildup to the World Cup, have given real estate players various areas of opportunities.
Joe Soueid CEO, AL MIRQAB REAL ESTATE
AL MIRQAB REAL ESTATE has accomplished various milestones in the Qatari real estate market. Our journey of success was arduous, though we have cultivated a successful mindset. Everything was achieved through a consistent, well-organized teamwork. As the CEO, I am proud of my team’s efforts in this challenging endeavor of making the company a symbol of perseverance. The company has always been keen to deliver quality projects and has made outstanding contributions to building significant landmarks in premier locations all over the state. As we talk about the growth of the country, Qatar has taken measures to diversify its economy to maintain economic growth. In the alternative industries, construction and real estate were among the leading sectors of the economy after the oil and gas industry. Qatar has also launched multiple sustainable programs simultaneously to enhance public utilities, parks, and public buildings such as schools, hospitals, and the construction, maintenance, and improvement of road works, drainage systems, and other major construction projects. The enhancements of Qatar’s culturally and beautification oriented programs have opened multiple windows of opportunities not only for the real estate sectors but for all other local businesses. Indeed, it has broadened our existing portfolio.
Edd Brookes GENERAL MANAGER, CUSHMAN & WAKEFIELD QATAR
CUSHMAN & WAKEFIELD is the oldest international real estate consultancy company in Qatar and thus, we have a huge responsibility to the market. We held a global event called Recovery Ready recently all about space planning in the workplace and what occupants and landlords should do to make workspaces safe for when people return to work. We have also been putting in certain procedures that have been approved as to how you conduct viewings to properties in terms of the amount of time you are in there, how many people are in the viewing group, and so on. People still prefer to look at properties physically, as there is only so much you can see online. We have a large online presence though we have not been utilizing these 3D property viewings that much. However, we have certainly been increasing our digital presence. We are rightly proud of the great business we have in Qatar, and I have always expanded the company by increasing “boots on the ground.” 2020 was obviously influenced by COVID-19, with many clients delaying work due to staff shortages and colleagues stuck outside the country. We have carried on putting our clients first and providing first-class real estate advice during this challenging period.
Joseph Rivera PROPERTY SPECIALIST, DIRECT REAL ESTATE
BUSINESS IN THE PEARL continues as usual, but the rates and prices have fallen phenomenally, which is a problem in terms of revenue. Lusail City has allowed us to diversify risks and cater to another segment of the market. 2019 was a great year in terms of property management in Lusail City, because we have a solid portfolio of buyers based overseas. As for the rest of the country, retail business is still doing good. However, there has been a significant spike in terms of staff accommodation, a trend that comes from the 2017 blockade. As for international sales, the market has been quiet, though domestic sales have been active in The Pearl, with Qataris buying properties. Despite the huge number of new players arriving in the market, those real estate agencies who were pioneers in 2002 and 2003 are still getting the best properties and deals. Therefore, we remain extremely optimistic. We are starting to digitalize to gain efficiency and continue to service our customers in the best possible manner. That will be the key to survive the saturation of the market. For example, we have already started a major advertising platform that is compatible with virtual property visits and video recordings.