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Saturday, November 28, 2020

Barwa to develop QAR 10bn in projects across Qatar

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The real estate company is currently in the process of developing new real estate projects.

A QAR 10 billion injection into Barwa Real Estate will see the company launch numerous projects across the country, the CEO told The Peninsula on Tuesday.

“Those lands are scattered in different areas. Some of them are in Lusail, some of them are in the south and some are in the north (of Qatar). We’re looking for the best fit which can be developed,” said Abdulla bin Jobara Al Romaihi, Acting Group CEO of Barwa Real Estate. 

“We are now visiting all of those banked lands and doing the feasibility study for them to be developed. And that will give a viability for the development of different projects and different communities,” Al Romaihi added.

The move will see new communities and integrated cities built across Qatar as demands for ownership of properties, including apartments, grows even among expatriates.

This comes just weeks after a new non-Qatari real estate ownership law that is expected to boost the real estate sector.

Read also: Foreign ownership rules loosened as Qatar opens up to global investors

“Currently in the market, we can see there are over 100 to 200 apartments to be sold in the country on a daily basis. And even on an individual basis, people are buying their apartments. 

“Real estate, which is a very important market in Qatar, will continue to grow. There are more areas to be developed and people will continue to come to Qatar,” he said.

Barwa also announced its plans to develop affordable property for the low- and middle-income class, with an aim of enhancing quality of living standards for residents.

Last year, the real estate company released a total of 8,129 units in the Qatari market.

Construction for its new residential projects, ‘Madinatna’ and ‘Barahat Al Janoub’ for families and workers in Al Wakrah, is expected to be completed in May 2022.

Read also: Number of Qatar real estate deals up 40% in September

In September, the real estate trading index achieved a total value of QR3,160,934,082 for 696 real estate deals in the country.

The total volume of real estate transactions for August also reached QR4.156 billion for 497 deals, according to the Ministry of Justice’s Real Estate Registration Department, constituting a 49% increase from July in the real estate index.

With at least 1 million football fans expected to arrive in Qatar for the 2022 World Cup, real estate plays a crucial role in the country with chances of growth in the coming years.


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