Since oil was discovered in Qatar back in the 1940’s this once economically poor fishing and pearling region has gone from strength to strength economically and now has an economy and standard of living to rival that of any modern country.
Located in the Arabian Peninsular and bordering Saudi Arabia to the South, the emirate is otherwise surrounded by the Persian Gulf and is independent and has been since the early 1970’s; it does not form part of the United Arab Emirates and it has not become part of Saudi Arabia.
Qatar is the latest buzz word in emerging property markets and savvy investors are looking to the region to offer more of the fantastic opportunities Dubai has been affording the world in recent years. The fledgling investment property market in Qatar has been strengthened by the global confidence in Dubai’s market and as a result the property market in Qatar is heating up.
One of the most striking and impressive developments is The Pearl, Qatar. This man made island development is costing around 2.5 billion US dollars to construct and is so far the largest property development being undertaken in Qatar. The second phase of the development was released in March 2005 to much excitement. When the entire Pearl project is completed it will form a 4 million sqm island home to around 30,000 people in a range of luxury and stunningly designed villas, town houses and apartments.
The Pearl will also feature hotels, restaurants, shops and boutiques as well as a 700 berth international yachting hub and the first home are due for completion in 2007.
The significance of this development should not be overlooked, it will raise the profile of this emirate, it will significantly improve and increase tourism numbers, the desirability of this location will become known globally and as a result the desire for freehold property in Qatar will intensify which will lead to an ever strengthening of the property market.
If you’re looking to the Middle East region for the latest property hotspots or you’re interested in diversifying your investment portfolio then it may well be time to consider the emerging property market in Qatar.
