Sales open for Qatar's first Freehold Properties

The first freehold properties ever to be offered for sale in the Arabian Gulf state of Qatar went on the market today. This follows a test-marketing period which saw great interest from potential investors from within the Gulf Co-operation Council states and beyond, all looking to get in on the ground floor of the latest Middle East real estate market to open up.

The 1,012 fashionable apartments, 28 luxury penthouses and 140 stylish town homes in seven, 20-storey towers are due to be completed in the final quarter of 2006/first quarter 2007 and will line Porto Arabia – the main harbour of the rediscovered island, The Pearl-Qatar, being reclaimed offshore the Qatari capital of Doha.

The range of one, two, three and four-bedroomed homes, most with sweeping sea or picturesque harbour views, come in four architectural styles – Monaco, Tuscan, Provencal and Florentine - conceived to reflect The Pearl-Qatar’s Riviera Arabia positioning. The marketing of the towers also represents a lifting of the benchmark in the Middle East’s real estate framework.

“These are the first properties within the Arabian Gulf to be offered with true freehold status as laid down in Article 3 of decree number 17 of 2004, issued by the Emir of Qatar, His Highness Sheikh Hamad Bin Khalifa Al Thani on June 6th of this year,” said Omar Al Fardan, Director, United Development Company (UDC), the developer and promoter of The Pearl-Qatar. “This decree, which is backed by cabinet approval and is subject to a draft protocol between UDC and the Government of Qatar, regulates the ownership of real estate and residential units by non-Qataris.

“We believe local, regional and international investment will be attracted to this unique destination off the coast of one of the world’s most rapidly expanding economies.” 

The sales launch coincided with UDC’s unveiling of the The Pearl-Qatar’s final masterplan and brand essence.

“The island will become the Riviera Arabia and each of the 10 themed districts and their individual localities is named to reflect a Mediterranean lifestyle in the heart of the Gulf,” said Nick Bashkiroff, Development Director, The Pearl-Qatar.

“The names have been created with a mix of French, Italian, Spanish and Arabic, summoning up the promise of an iconic destination and one of the most glamorous addresses in the Middle East.

“To invest in a home on The Pearl-Qatar is to invest in a lifestyle, which is exclusive in atmosphere, unrivalled in quality and unique in its Riviera treatment.

“The Riviera Arabia concept will position The Pearl-Qatar as truly world-class and differentiate it from other developments within the region and around the world.”

The seven West Porto Drive towers of the project’s first phase will skirt La Croisette, which will be a lively 2.5 kilometre long hub for diners and shoppers. The luxurious Croisette town homes sit on the marina’s edge. The Porto Arabia will eventually feature 21 high rise residential towers in a Riviera-like boardwalk setting around the 400-boat slip marina.

“Every home in Porto Arabia will feature luxurious amenities and an ambience that is truly Mediterranean,” said Bashkiroff.

Also within Porto Arabia is the Fanar Croisette lighthouse, shopping, dining and residential district characterised by its boulevard café culture and upscale quay-side boutiques. The dynamic hub of Porto Arabia is the Piazza Arabia – a destination with an exciting international blend of retail, dining and cosmopolitan chic. The festive heart of Porto Arabia is Ras Croisette with all-night restaurants and lounges.

In the heart of Porto Arabia lies the Marsa Arabia anchor island. Accessed via a causeway, this ‘island-within-an-island’ will feature a 250-room, five-star hotel – a haven for some of the million business and leisure travellers expected each year in Qatar by 2010.

The Pearl-Qatar, covering 985 acres of reclaimed land is Qatar’s first international real estate venture, the largest real estate development in the country and the first to offer freehold and residential rights to international investors.

When complete in 2009, some 30,000 people are expected to live on the island, which will be linked to the mainland by an eight-lane, palm-tree lined boulevard – the Grand Cruz.

The four-phase development will have 10 distinct districts housing three luxury hotels, four marinas, with combined mooring for over 700 boats and 60,000 square metres of luxury retail and restaurant space.

“Land reclamation is currently ahead of schedule and piling for the seven towers in the first phase is imminent,” explained Bashkiroff.

See other recent news from: The Pearl-Qatar