Appetite for residential properties is “steadily gaining momentum” at Lusail City, home to the Lusail Stadium, which is scheduled to host the opening match and the final of the 2022 FIFA World Cup.
“Despite a fall in Doha’s residential rents which may have restored a sense of affordability in the market due to the economic blockade in June 2017, the stabilisation of Qatar’s real estate leasing market is coming into place… positive developments are definitely now in play in Lusail City,” said Joseph Rivera, the chairman of the Association of Filipino Realtors & Entrepreneur Executives in Qatar (Afreeq).
“Today, even with just around 5% of its residential, commercial, and entertainment projects completed, Lusail City is starting to be the address of choice. Residential rents have been stabilising as the various basic and even some of the advanced amenities supporting the promised lifestyle for Lusail City are finally taking shape,” Rivera continued.
The website of the Supreme Committee for Delivery & Legacy describes Lusail “as pioneer among cities” located 15km north of central Doha. “Every aspect of its planning, from its tram system and plentiful green spaces to this sustainability-focused arena, concentrates on human needs and environmental conservation. The result will be a city where 200,000 people live in harmony with the environment – and enjoy the legacy of this spectacular stadium,” the SC said.
Rivera said several cafes and restaurants in the active districts are now operational, as well as a Woqod petrol stations in Lusail’s Al Egla and Fox Hills area. A popular hypermarket chain is also expected to operate in Lusail, he noted.
Rivera said he is optimistic that rents in the area “would remain to be affordable and competitive even with the expected boom when Lusail’s own Light Rail Transit Systems start servicing commuters.”
“With all of these positive developments rapidly forming ahead of schedule as complemented by improved home owner satisfaction in anticipation of the upcoming establishment of an adaptive community management service for all co-owner associations, Lusail City is expected to experience a massive influx of new residents and investors in the coming period.
“Both new comers to the country and existing residents looking for lateral movement with better quality living at the same affordable prices similar to those in the middle to upper class neighbourhoods from Doha to Al Khor are now starting to find Lusail City as a smart choice,” Rivera pointed out.
He added: “At 70% completion of the city’s world-class infrastructure now in place, the current completed impressive skyline and rapidly spreading low and midrise buildings are just merely 5% of the total development intended as Lusail City is expected to have no less than 120,000 residential units and will be home to 450,000 people once fully completed.”
from Gulf Times https://ift.tt/31f4sjJ
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