On the podium of businesses and property investors, Lusail city, which is currently one of the largest master developments in the GCC, stands as Qatar’s number one future market, Coreo Real Estate’s Senior Property Consultant Alexander Hartmann has said.
In the Property Finder’s Qatar Real Estate Market Report, Hartmann said due to its well thought through master plan, Lusail will become a vibrant and bustling hot spot that again will result in increased capital growth. He added: “The successful delivery of Lusail city is an important milestone for the country to achieve its ambitious plans for the Qatar National Vision 2030. Lusail will enhance and support the local economy as well as celebrate the region’s unique cultural and geographical heritage”.
Spread across an area of 38sq km and includes four exclusive islands and 19 multi-purpose residential, mixed-use, entertainment and commercial districts, Lusail is one of Qatar’s major green and sustainable city projects, with the other being Msheireb’s Downtown development in Doha.
Overall, the City will offer homes to more than 200,000 residents and workspace to over 170,000 employees. It will also welcome 80,000 visitors and expects its total estimated capacity to reach up to 450,000 people.
Hartmann also said the 200,000 future residents of Lusail will live in approximately 40,000 apartments, 90 townhouses and about 3,000 villas spread over 15 districts. He added: “Many of the residential developments have already been completed, and more are set to come available within the next four years creating great investment opportunities for local and international investors. The quality in terms of design and materials used of those new homes is generally higher than in the main areas of Doha. Due to the incomplete status of Lusail, rentals currently range below Doha’s average rates, and are forecasted to increase in the medium term”.
According to Hartmann, the second largest real estate stock will become available in Lusail’s office market. This segment is divided into business parks, corporate offices, and standard offices, with total office space supply reaching approximately 2 million sqm available in the Lusail Marina district, which is now referred to as the number one office location for New Doha.
According to available market data, occupancy levels range between 30 and 40 percent while rents are in the range of QR80 to QR130 per sqm per month excluding the service charge. After Lusail Marina, Energy City will also play an important role in the Lusail office market, added Hartmann.
He also said retail is another key component in the new city, with master developer Qatari Diar, having dedicated 40 plots spread over 12 districts to retail developments offering great investment opportunities to local companies.
He added: “Not forgetting the prestigious Place Vendome development, which after completion will serve as an entertainment hub and shopping destination. With a massive built-up area of approximately 1,000,000 sqm, this development will be home to two five-star luxury hotels, serviced apartments, a mall with up to 400 retail outlets, and an exclusive luxury wing dedicated to top designer labels. Place Vendome is scheduled to open in 2020”.
Further, the addition of Lusail Stadium, which will host the opening and final matches for the 2022 Fifa World Cup in Qatar, is an integral part of the master plan for ‘New Doha’. Once the tournament is over, Lusail Stadium will be transformed into a community space consisting of schools, shops, cafes, sporting facilities, and health clinics making it a hub in the district, Hartmann also said.