Monday, June 7, 2021, Doha - Qatar: Barwa Real Estate continues to enrich the residential real estate market in Qatar with more high-end units, this time through the Dara (A) project, where the project developed by Barwa Real Estate has offered its residential units in Building A1 and is now available to investors wishing to own property. The building provides 142 apartments of various sizes for ownership. This step comes after the success achieved by the sales of Building A2, where the percentage of sales reached about 80%, out of the total 129 apartments offered by the building, despite the repercussions of the emerging Corona Virus (Covid-19) pandemic, which contributed significantly to influencing the thinking of investors and individuals, bringing the total number of buildings offered for sale in this pioneering project to three buildings.
Dara (A), the first phase of the Dara project, offers four five-storey buildings that provide 271 apartments, including 94 one-bedroom apartments, 139 two-bedroom apartments, and 38 three-bedroom apartments, in addition to providing 365 underground parking spaces.
More units in Building A1 will also be offered for sale in the coming months. The sale of units will be managed by Waseef, a leading real estate, facilities and asset management company, and a subsidiary of Barwa Real Estate Group.
An attractive architectural monument
This pioneering project with its modern design and strategic location in the north of Fox Hill area in Lusail city is an attractive architectural monument in this modern city, and it is an added value to the real estate market in residentials, reflecting its goals to be home to a sustainable community that meets the requirements of modern life. The city of Lusail is witnessing a large urban movement and is considered part of the great development witnessed by the State of Qatar, and it is one of the promising and integrated cities in terms of its services, which provides all facilities for investors to invest in it.
Strategy and forward-looking vision
Dara (A), which Barwa completed its development in 2019 and began offering its units for sale in the second half of last year, reflects the Group's vision and strategy and its foresight with the "build to sell" model, to comply with the great development witnessed by the real estate market and at the same time complies with the new legal and economic legislation enacted by the State and related to the real estate sector. The latest of which was Cabinet Resolution No. 28 of 2020, specifying the areas in which non-Qataris may own and use real estate, and the conditions, controls, benefits and procedures for their ownership and use of it. Lusail City is one of the areas of the freehold right included with this decision.
Laws that encourage property ownership
The decision increased the number of non-Qatari real estate ownership areas to 9, and non-Qatari use of real estate to 16 areas, in addition to creating new advantages whereby Qatari and non-Qatari investors can own a separate unit in a residential complex, in addition to owning separated units (offices and shops) in commercial malls, in areas other than those stipulated in the decision, which in turn will contribute to a major leap in the expansion of the real estate market in the country, in addition to supporting the work environment in national companies from the private sector in the long term by creating more opportunities for investors, owners and those interested in owning profitable real estate in Qatar, as well as its direct contribution to opening the way for promising prospects for investors to enter into strategic partnerships that achieve added value and benefit the various segments of society, given the expected investment returns in the areas specified by the resolution.
Future projects in Lusail
Lusail City is one of the freehold areas included in Cabinet Resolution No. 28 of 2020, which creates new investment opportunities for Barwa Real Estate Group, as the Group owns a huge land bank in Lusail City, extending over an area of 3.5 million square meters. Barwa Real Estate is currently evaluating the most appropriate development plan for its land stock in Lusail City through feasibility studies for potential opportunities, and through a mix of "build to sell" and "build to lease" models with the aim of enhancing returns in the short and long term, as well as adding a distinct destination to the city of Lusail in particular and the country in general, through the diversity of the proposed uses and the integration of facilities there.