< PreviousEMERGING MARKETS 10MAY 202410 EMERGING MARKETS 10MAY 2024EMERGING MARKETS 11MAY 2024 LUSAIL: A RISING STAR IN QATAR’S SKYLINE This emerging metropolis offers a unique blend of sustainability, luxury living, and a thriving business environment, attracting residents and investors, believes Ahmad Al-Khanji, CEO, Hapondo EMERGING MARKETS 11MAY 2024 Words by Ahmad Al-KhanjiEMERGING MARKETS 12MAY 2024 Located roughly 16 kilometres north of Doha, Lusail City is one of the region’s most ambitious projects (a lesson on how to build a new city in the 21st century). Lusail, at 38 square kilometres, is more than the size of Macau and just smaller than the European country San Marino. It is a self-contained city of 19 districts and an embodiment of Qatar’s National Vision 2030, planned to be the home of 200,000 residents and the place of work for 170,000 people. A fl agship project of Qatari Diar, the construction of Lusail began in 2006. Sixteen years later, Lusail hosted the FIFA World Cup Qatar 2022 championship inside the uniquely designed Lusail Stadium, with the winning Argentinian team parading victoriously across Lusail Commercial Boulevard. From an aeroplane, it is not diffi cult to spot Lusail’s landmarks—the iconic and crescent-shaped Katara Towers (home to Fairmont and Raffl es hotels) in Marina District; the Lusail Plaza Towers, the tallest buildings in Qatar, located in the Commercial Boulevard; Lusail’s four man-made islands collectively known as Qetaifan Islands; and Place Vendôme Mall, one of the largest in the Middle East. Lusail is as futuristic and sustainable as a city can be. It was the fi rst in Qatar to endorse the Global Sustainability Images supplied by: Unsplash EMERGING MARKETS 13MAY 2024 Assessment System (GSAS) principles to rate all buildings, which means all its buildings have at least a minimum of 2-star GSAS rating. Additionally, around 17% of the total land area has been allocated for landscaping and open public spaces. Among the biggest in the world, the Lusail district cooling system has been designed to save 65 million tonnes of carbon dioxide annually. THE EVOLVING REAL ESTATE MARKET The primary residential areas in Lusail include Fox Hills and Marina District, and many other districts are emerging. Fox Hills features low-rise apartments and villas, while Marina District is a rising central business district with a signifi cant concentration of offi ce and commercial buildings. In Q4 2023, apartment rents decreased in both Fox Hills and the Marina District. The median price in Fox Hills dropped from $1,650 in Q3 to $1,565 in Q4, with the price of a two-bedroom apartment falling to $2,060 from $2,660. In the Marina District, Left: Katara Towers; Interiors of Lusail Stadium; A modern living room Right: Master bedroom the median price for a one-bedroom apartment decreased from $2,360 to $2,130, while a two-bedroom apartment dropped from $3,090 to $2,865. These pressures, brought by an increasing residential supply, have only made Lusail irresistible to residents looking for new places to live. Rents in Fox Hills and Marina District are now more aff ordable than the two other prime apartment markets, The Pearl and West Bay, where the one-bedroom apartment median rents were at $2,335 and $2,610, respectively, in Q4 2023. There are other reasons why people From an aeroplane, it is not diffi cult to spot Lusail’s iconic landmark—the crescent- shaped Katara Towers in Marina District”EMERGING MARKETS 14MAY 2024 will want to move. Lusail feels as much an extension of Metro Doha as it is a new city, seamlessly connected through wide highways and the metro; the train ride between West Bay and Marina District takes roughly 10-15 minutes. Within Lusail, a system of trams brings people to diff erent districts. The population in Lusail is gradually increasing, brought by the relocation of companies and government offi ces from Doha, the rising number of apartments and villas in the area, and expanding retail and entertainment activity. In addition, Place Vendome Mall is already one of Qatar’s favourite shopping destinations. Recently, Meryal Waterpark has opened in Qetaifan Island North, boasting the world’s tallest water slide nearly as tall as Big Ben. LUSAIL: YOUR MONEY’S WORTH Lusail is among the select areas in Qatar where foreigners can own freehold property. Investors buying a minimum of $200,000 grants temporary residency, while an investment of $1 million entitles a permanent residency. Recently, Qatar also rolled out a golden visa program for entrepreneurs and talented individuals. Left: Serene ambiance envelopes Lusail; Marina District; An architectural marvel in the city centre Right: A tastefully designed villa; Ahmad Al-Khanji, CEO, Hapondo EMERGING MARKETS 15MAY 2024 Lusail has become the top location for apartment acquisition searches in Qatar, according to the Q4 2023 ranking. The residential investment options in Lusail are diverse, with various off -plan and completed developments available in Fox Hills, Marina, Waterfront, The Seef, and Al Kharayej districts. New residential projects such as Voya Tower and JMJ Waterfront Residences have been recently announced in the Waterfront District, off ering a total of 291 units for potential buyers. According to our data, the gross rental yield for a one-bedroom apartment and two-bedroom apartment in Fox Hills is 4.7%. In comparison, a one-bedroom apartment in the Marina District has a rental yield of 8%, while a two-bedroom apartment in the same area yields 9.2%. It is particularly interesting to watch how Qetaifan Projects’ Qetaifan Island North (one of the islands in Lusail) is taking shape. The island holds great promise as a prime residential and leisure destination, and the next wave of super- prime developments in the Middle East will be in this area. Les Vagues is a prime project of Dar Al Arkan and Qetaifan Projects with world-renowned designer Elie Saab. Last year, Qetaifan Projects and JMJ announced the development of several mid-rise multi-use buildings to be designed by Zaha Hadid. As this new city continues to unfold, it is prudent to explore investible opportunities while it is still early. Lusail has become the top location for apartment acquisition searches in Qatar, according to the Q4 2023 ranking”SPOTLIGHT 16MAY 2024 SPOTLIGHT 16MAY 2024SPOTLIGHT 17MAY 2024 SAILING BEYOND BOUNDARIES LUCA DINI Design and Architecture believes in the philosophy—amaze those accustomed to being astonished Interview by Shehzin Shaikh In the Middle East, where the demand for innovative and bespoke luxury is substantial, LUCA DINI Design and Architecture excels by pushing the boundaries of traditional design. They do not just create spaces, they create experiences that refl ect the complex identities and aspirations of the clients. Let’s take a closer look at how Luca Dini, the mastermind behind LUCA DINI Design and Architecture, is raising the bar for creativity and sophistication in the world of architecture and design. Can you tell us about the journey of LUCA DINI Design and Architecture from its inception to its current standing as a leading design studio? The birth of LUCA DINI Design and Architecture in 1996 marked the beginning Images supplied by: L UCA DINI Design and Architecture of a remarkable chapter in the realm of luxury design, rooted deeply in the artistic heritage of Florence. My initial journey into the design world began earlier, in 1987, working with a yacht design studio, which was one of the four studios at the time. This experience sparked my passion and led to the establishment of my own studio. From crafting our fi rst yacht to now having launched 89 superyachts navigating globally and 13 under construction, each project showcases our commitment to elegance, functionality, and innovation. Our expansion into architectural design has further solidifi ed our reputation, allowing us to venture into everything from designing yachts to luxurious homes and even whole islands. Our studio has grown with key geographic expansions, including the Left: View of the Upper Upscale Resort from the room Right: An aerial view of Sindalah Island SPOTLIGHT 18MAY 2024 opening of our offi ce and showroom in Forte Dei Marmi and the upcoming new offi ces in Riyadh and NEOM, strategically positioned to manage our growing portfolio of projects in the Middle East. Each step in our journey is about transcending boundaries, creating unforgettable designs, and pioneering the future of luxury architecture. With your background primarily in superyacht design, what prompted the expansion into residential architecture, and how has this transition infl uenced your approach? Our expansion from superyacht design into residential and hospitality architecture was a natural and strategic evolution. This transition was driven by our fi rm’s deepening expertise and growing reputation, which placed us third in Italy for turnover as a joint-stock company in 2023. Over the past few years, we’ve been presented with some exciting proposals that sought to leverage our yacht design experience. This shift has led to a tripling in the size of our studio. Today, architectural projects comprise half of our portfolio, a testament to our successful diversifi cation. Integrating three decades of superyacht design experience, we approach residential architecture with a unique perspective that emphasises fl uidity, elegance, and Left: Luxury Resort South Right: A day at Sindalah Village SPOTLIGHT 19MAY 2024Next >