New opportunities are constantly appearing in the real estate market, with the residential sector – and in particular the affordable housing segment of this sector – showing promise.
This is according to Mazaya Qatar Real Estate Development Company (QSC) CEO Mr Seraj Al Baker, who participated in a debate titled “Developer’s Challenge: Designing a quality affordable housing model without compromising profit” at the MENA Affordable Housing Summit in Bahrain.
Al Baker spoke during a session on the second day of the event, which took place on 23 and 24 November at The Diplomat Radisson Blu Hotel in Manama, Bahrain. He was joined in debate by Mr Khalid Al Othman, CEO of Saudi Mubadara Development Company.
The session raised a number of interesting issues, including whether affordable housing is a viable possibility for developers, understanding the true cost of developing affordable housing projects, strategies for cutting costs without affecting the quality of projects, and integrating affordable housing into mixed-use projects to improve community engagement and boost profits.
Said Al Baker: “To date, most developers have focused on the up-market luxury segment. However, a major opportunity exists in the middle-income sector, where there is a significant demand for affordable housing. Prudent developers should turn their attention to the middle-income group.”
Al Baker highlighted the strategic importance of Qatar at the present time, and pointed to the multitude of opportunities in the affordable housing sector within the real estate market, stating that developers need to be proactive if they hope to benefit from these opportunities.
Mazaya Qatar has a portfolio of important architectural and professional civil engineering projects and mega-projects in Qatar, and is committed to making a difference in real estate development – taking it beyond mere development into a quality business that will help enhance the company’s position on the GCC and regional levels. 2011 has seen the company start to carry out its expansion plans while also completing its existing projects. Mazaya Qatar’s impressive track record, strong financial position and signing of strategic long-term income guaranteed projects will help push the real estate sector towards recovery and create a brighter and more mature future.
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