Posted on July 25, 2013

Dubbed the “Arabian Riviera”, The Pearl continues to lure homebuyers looking to invest in Qatar’s booming luxury property market, according to the latest quarterly report published by propertyfinder.qa, part of the propertyfinder group of portals, the leading group of real estate portals across the Middle East.

The report, which analyses data from visitor searches at the propertyfinder.qa website, highlighted a growing interest in beachfront properties in The Pearl, a man-made island featuring four million square metres of reclaimed coastline, world-class marinas, beachfront residences, luxury retail walkway, lavish hospitality and a plethora of resort-style amenities.

In the second quarter of 2013, the development accounted for nearly 80 per cent of the overall buy searches and over 21 per cent of the rent searches in Qatar, an online trend that emphasises the tiny Gulf state’s popularity amongst wealthy real estate investors looking for a glamourous residential address, said Monsi Rabah, Country Manager, propertyfinder.qa.

“The Pearl has undoubtedly benefited from being the first property development in Qatar to offer freehold and residential ownership rights to foreigners. Over the years, the developers kept the area’s high-end status by building world-class infrastructure and amenities that exude luxury and offer the best in modern living. Like the Riviera-styled projects in the neighbouring emirate of Dubai, The Pearl was able to prove that there is a niche market for multi-million dollar themed developments in the Gulf,” she said.

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Other areas in Qatar that have caught the attention of potential homebuyers during the period include West Bay, which represented almost 12 per cent of the buy searches, Al Gharaffa (1.97 per cent), West Bay Lagoon (1.51 per cent) and Abu Hamour (0.59 per cent).

“Although Qatar is a small country, it is one of the most financially stable nations in the Gulf region. Its buoyant economy has attracted expatriates who are keen to stay in modern residences that offer premium amenities and access to commercial establishments and leisure facilities, such as, those offered in West Bay – making the area the second most sought after location for tenants,” Rabah added.

Meanwhile, properties priced between QAR 1.5 million and 2 million (USD 412,000 and USD 550,000) represented the leading price bracket for the most searched properties for sale in the country, followed by those within the price ranges, namely, QAR 2 million - 2.5 million, QAR 10 million and above, QAR 2.5 million - 3 million and QAR 3 million - 3.5 million.

According to propertyfinder.qa’s Q2 2013 report, this represents a market trend that has remained stable since it emerged in the first quarter of the year. For rented properties, however, the results indicate a huge demand for reasonably priced properties at around QAR 20,000, accounting for nearly 87 per cent of searches during the period. Homes with a QAR 20,000-40,000 price tag came in second, while those costing between QAR 40,000 and 60,000 to rent occupied the 3rdposition.

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