Qatar’s real estate sector is witnessing a high growth rate, both in terms of value and numbers.
The sector is yet again witnessing a boom. The approval of a draft law that allows non-Qataris to own real estate as well as the entry of a large number of citizens from foreign countries has helped boost the sector in a huge way.
The World Cup tournament venue projects are positively impacting the picking up of the real estate market in Qatar, amid a population growth that is lifting up demand on properties, Ezdan Real Estate Research’s weekly report has revealed.
Citing the Planning and Statistics Authority data for the month of October, the Ezdan Real Estate Research noted an annual increase of 0.3 percent in population is reckoned, the total population in the country grew to 2.75 million people in October, from 2.74 million as per the census in an earlier year period.
Qatar is witnessing successive developments in an accelerating pace in delivering construction projects of roads, bridges, tunnels, transportation, metro works, sports facilities and stadiums, triggering a boom of the real estate market movement recently, and it is expected to record more activity during the next few years. Qatar is progressing towards a sustained economic growth through long term diversification.
The country is one of the fastest growing economies in the world and its economy is expected to grow at a faster rate next year. The state is witnessing sustainable economic growth, thanks to several proactive measures taken by the government in the past. From November 24-28, 2019 the Real Estate Registration Department at the Ministry of Justice registered 76 real estate sales worth a total value of approximately QR796.3m distributed over 7 municipalities — Umm Salal, Al Khor, Al Dhakhira, Doha, Al Rayyan, Al Shamal, Al Dhayen and Al Wakra which included land plots, housing, multi-use building, mixed use lands, residential buildings, complexes, towers, and commercial buildings.
Continued demand for real estate units is still considered by a large segment of investors and savers as a safe haven because it is an investment capable of protecting initial investment value of assets. The market is expecting an increase in the inflow of investments into the real estate sector, especially housing.
Real estate analysts assured that the indicators starting from the year ahead till the hosting of the global sporting event will all be marked as positive and stimulating, heralding of high growth rates driven by the increase in the demand for real estate units of various categories. The real estate sector, supported by a series of policydriven decisions, is staging a turnaround with residential properties expected to increase in the years ahead.
