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Qatar’s property market maturing well

- April 1, 2009, 11:50 am

Qatar’s property market maturing well

As the Qatar property market matures, Asteco is seeing demand for its property services soar, as investors and buyers seek advice and support on how to effectively manage and source commercial and residential property.

The property market has seen a slight decline over the past 12 months, but Asteco’s diversified range of services is helping Qatar’s market continue to gain momentum, focusing on the whole property life-cycle, not just sales. Services including market research, valuations and feasibility studies are all helping to stabilise the country’s fledgling property market.

Speaking of the increase in demand for these services, Asteco Qatar GM David Oayda said: ‘Diversification has been the key to our success. As a market matures, the only way for it to grow organically is to offer it the services which fulfill a diverse set of needs in the long-term.’

‘We recognised that last year’s monumental property sales would lead to a greater need for property management services in 2009 and acted accordingly,’ Oayda added.

Asteco’s property management division has grown within the past few months, providing a welcome boost to employment in the sector and the market’s buyers, investors and developers. Services including strata management - incorporating facility, property and ownership association management - have grown in popularity.

Asteco Senior Valuer Noel Gibson said the growth of this facet of the business was a result of working closely with clients to ‘offer value’.

‘This means diligently monitoring the market and understanding its forces to provide expert advice,’ he said. ‘Our strategic valuation and marketing advice for example, has played an integral role in the risk management of future investments for our clients - helping us and the market to thrive.’

Asteco has been able to effectively turn the downside of the global crisis into an opportunity, with investors continuing to view Qatar as an opportunity for smart property investment in the long-term.

Oayda added, ‘Qatar, like Asteco is proving that building strong foundations is the answer to growing tall.’

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