Qatar set to be world’s largest property buyer
Large chunks of London from London Bridge to Chelsea are set to be transformed by the oil and gas riches of Qatar.world Updated: Jun 15, 2010 23:35 IST
Large chunks of London from London Bridge to Chelsea are set to be transformed by the oil and gas riches of Qatar.
The tiny emirate, which recently bought Harrods for £1.5 billion, is likely to be the largest overseas property investor in the world this year, according to a report, as it targets the capital’s assets in an aggressive spending spree.
“Cash-rich and with a strong appetite for splashy overseas assets, Qatari [investment] vehicles have lately outshone their counterparts from the region and are projected to carry on with their rapid expansion across the real estate world,” said the report by real estate consultancy Jones Lang LaSalle.
One of the world’s fastest growing economies thanks to its vast offshore gas fields, Qatar has used the financial crisis to pick up bargains without the inconvenience of competition from other buyers.