Real estate prices in Qatar 'unrealistic' |
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Doha - Property prices in Qatar are unrealistic, the shortage of residential apartments and commercial space notwithstanding, according to Sheikha Hanadi Nasser bin Khaled Al Thani, CEO of Al Waab CityAl Waab City
. In an interview to CNN Marketplace Middle East, which will be broadcast this week, Sheikha Hanadi said the real estate market is undergoing adjustments, not necessarily in terms of prices but rather in terms of quality.
On the real estate boom being witnessed in the region, Sheikha Hanadi said, "The real estate market in Qatar is facing shortage, especially of residential units and retail areas. This shortage is in the process of being resolved."
However, she said, this does not mean the real estate market in the country is not going through price correction. "We see unrealistic prices, and I think the market will undergo correction of this kind, but it would focus on quality rather than prices," she said.
Since 2005, when the World Economic Forum named her 'Young Global Leader of the Year,' Sheikha Hanadi has become an inspiration to women across the Arab world.
She founded the first firm in Qatar to conduct investment banking and is now the CEO of Al Waab CityAl Waab City, which is set to open in 2010.
In the interview, she gave background information about Al Waab CityAl Waab City, a project she has initiated and which is being developed with an investment of over $3.5bn. "Al Waab CityAl Waab City project will offer residential units, commercial outlets and a variety of facilities. We prefer to call the project 'a city with a heart' because we are building a complete community which covers all aspects of life."
© The Peninsula 2008
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