Monsi Rabah, Group Operations Director at Property Finder
After witnessing a contraction for the past several quarters, Qatar’s real estate market is showing signs of strong revival. The real estate players, including developers and market strategists, are now strongly betting on the country’s vibrant property market. Qatar Central Bank’s (QCB) real estate index edged up to 238.94 points in June, from the previous month’s 233.24 points.
Two top market experts yesterday noted that Qatar is emerging as a core investment target for both regional and international investors.
“With rental levels and capital values stabilising within Doha, the supply and demand in Qatar’s real estate sector will see a rebalancing next year, leading real estate consultant Cushman & Wakefield Qatar announced yesterday.
KPMG in Qatar’s ’Real Estate Rental Index’, which tracks quarterly changes in the real estate rental market, released yesterday noted Qatar real estate market will remain tenant friendly as rentals across the three major asset segments, namely commercial office, residential and retail experience downward price corrections.
“Over the past two quarters, we have witnessed long term initiatives from the Government to induce further growth in the economy. Introducing initiatives such as 100 percent foreign ownership across various sectors with no capital flow restrictions and negligible taxes, expanding the coverage of foreign ownership in real estate are expected to help market stabilise and grow fundamentally. Central Bank reaffirming normalised capital flows, a healthy liquidity position in the banking sector, high foreign capital reserves and steady growth in private sector will affect the real estate sector in the upcoming quarter very positively”, Anurag Gupta Director, Advisory Head of Real Estate Advisory and Valuations KPMG in Qatar said.
The greater affordability of apartments has seen an increase in people relocating to higher quality and better located apartments. Demand is expected to become more focused on areas such as The Pearl Qatar and Lusail as new supply arrives to the market at affordable rental levels, said Edd Brookes, General Manager of Cushman & Wakefield Qatar.
Monsi Rabah, Group Operations Director, Property Finder recently stated that with the 2022 Fifa World Cup fast approaching, more and more investment is being pumped into the country.
In addition to the array of hotels, malls and other outlets opening in Qatar, residential, commercial and mixed-use areas are expanding, with more properties now available beyond the limits of Doha.
Areas like Al Sakhama, Al Kheesa and Umm Salal in particular have gained a lot of popularity over the past year. And with Al Wakra and Al Khor now turning into fully developed and mature cities. They are becoming a top choice for those seeking housing outside Doha.
“Qatar has seen a revival in its market, which also includes property sales, especially when we consider new locations and areas that are now available for ownership to expatriates. This has been instrumental in making the transition from a rental market to a buyer’s market”, Rabah commented.
With the 2022 mega games only a few years away, progress can be seen in all aspects of Qatar. This includes new development across the country, she said.
Speaking to The Peninsula recently, another top market influencer and the Exhibition Director of the high-profile real estate show “Cityscape Qatar” noted the amendment of Qatar’s laws and other reforms allowing foreign ownership in Qatar’s property market, will give a major boost to the country’s real estate sector.
