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  Columns > Khalil & Kane > Market Overview: Luxury Real Estate in the Middle East

   Published in: March 2007
 
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Qatar forms one of the newer emirates in the Arabian Peninsula after being granted independence in 1971 from Persian, Turkish and British rule.

Under the current ruler, Emir Hamad bin Khalifa Al-Thani, there has been a large amount of liberalization and stabilization of the political climate. This is seen in the introduction of a new constitution, as well as in the launch of Al Jazeera English, the controversial satellite news channel.

This is another area of the Middle East where luxury property is booming and where new developments are popping up everywhere. Investors are looking more and more to this part of the world, as it is quickly becoming a luxury property hotspot.

 

This region is not as far advanced with its planning for luxury estate developments as Dubai and Bahrain, but it is fast evolving into another cosmopolitan area. There is a rich sense of history in the area, with many old forts and castles making for great viewing. This region is also the setting for many cultural and sporting events. In addition to hosting the 15th Asian Games in 2006, various golf tournaments and sporting events are held here. There are also many book fairs and cultural festivals held in the region. The beautiful setting of the area contributes to its growing popularity with holidaymakers and buyers alike.

Doha, the capital city of Qatar, is known as the most beautiful city in the region. The city is rich in history and boasts some impressive traditional architecture. The area is also rich in natural beauty and has miles of beautiful beaches and clear water. Doha has become a popular holiday destination and real estate development seems set to happen at a fast pace.

The Pearl is a man-made island planned for construction just off the west coast of Doha. It will have a Riviera-style theme and will encompass 7600 freehold residential units and three luxury hotels. To date, it is the largest property development ever undertaken in Qatar. This development will have great significance to the area, due to the large number of expected buyers and investors. Qatar, and especially Doha, are earmarked for various luxury property developments, such as the West Bay Lagoon and Al Khor Resort projects.

   
 
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