As the coronavirus crisis impacts national and global economies, causing stock markets to plummet, oil prices to crash and unemployment to reach new heights, Qatar’s economy remains strong and continues to develop. Property prices are expected to grow and a wide range of exciting infrastructure projects are in the pipeline. Furthermore, in this unprecedented climate, the quality, safety and comfort of residential and commercial properties is more important than ever.
The Qatar National Vision 2030 (QNV 2030) was launched. Its main goal was to drive the country forward by aligning economic growth with improvement in both human and natural resources, to help differentiate the economy and to decrease the country’s reliance on oil and gas. Fast forward 12 years, a global recession and an international health crisis, and this central intention remain unchanged.
The QNV 2030 seeks to ambitiously transform the economy by working towards an advanced educational and health system, increasing Qatari numbers in the workforce, pursuing an effective social protection system and playing an important part in the international community. It also calls for sound economic management, responsible exploitation of oil and gas resources, economic diversification and environmental protection. While Qatar aspires to invest in its human capital, cultivating the abilities of its citizens in order to build and maintain a thriving society, where the inhabitants live and work will take central stage.
As Qatar’s population continues to grow, demand for property will rise, but the coronavirus pandemic has inevitably triggered a slump in demand for all properties, stalling residential sales, inhibiting exchanges and promoting remote working. However, these challenges and obstacles have merely encouraged a renewed focus on the goals of the QNV 2030, which centres on a robust commitment to elevating the infrastructure and putting the country firmly on the map as a primary destination for tourists and investors. To help realize these objectives Prime Lands Real Estate and Development, an award winning real estate Development Company, based in Doha, designs and build architecture that will benefit both the communities and corporates that it serves.
Unlike traditional builders, Prime Lands Real Estate does not deliver meaningless, concrete structures. Rather, their ultimate mission has always been to adapt its high-end residential, commercial and industrial projects to the particular needs of its target market. Fundamentally, since its inception, the mission of Prime Lands Real Estate has aligned with that of the QNV 2030, including building environmental awareness campaigns and promoting sustainable urban growth.
The Qatari construction market is expected to register a CAGR of 9.6% over the 2019-2024 periods, after a decade-long boom associated with the implementation of large infrastructure projects in preparation for the FIFA 2022 World Cup. In fact, the country is expected to be among the fastest-growing global construction markets, showcasing robust growth forecasts. Under QNV 2030, nearly £13.5 bn in infrastructure and real estate investments are planned over the next four years to help offset falling FIFA-investment spending. However, unlike Japan which saw the summer Olympics cancelled, Qatar, which is hosting the 2022 World Cup, may still have the chance to conduct the games as normal, depending on how the pandemic evolves.
Under the QNV 2030, which hopes to support unprecedented levels of community, commerce and development through the construction of modern and practical architecture, the country is set to award an estimated £70bn worth of planned projects in the coming years. Traditionally, because of the rapidly growing population base and chronic under-supply, developers have historically preferred
Step forward Prime Lands Real Estate, which has experienced unrivalled success and is on top of its game, winning five important awards at the Property Awards 2020. Firstly, winning the Best Real Estate Development Award, which focused on the modern and unique office building development in the fantastic Prime Square. This location centres on high end corporate tenancy and offers retailers a strategic location. Secondly, the Best Architectural Residential Design Award was granted in response to Prime Lands Real Estates work on the AL Rayyan Village Complex. This comprises of 383 villas in a range of four different types promising the perfect work-life balance for Qatar’s business community and their families in the heart of Doha. Sustainability was central to the design of the village, including eco-friendly features such as durability, low emissions and a large underground water tank that regulates the water temperature. Prime Land Real Estate received a further three ISO Certificates in the Property Awards 2020.
All these coveted awards and environmentally friendly design features highlight how Prime Lands Real Estate are ahead of the mark, and how high end architecture can help Qatar realize its QNV 2030 corporate and community goals.