Qatar’s real estate sector is showing signs of strong revival and witnessing a boom. The sector is witnessing a high growth rate, both in terms of value and numbers. The real estate market has witnessed deals valuing more than QR9.5bn during January-May 2019. Moreover, the amendment of the law allowing foreign investors to hold full ownership in Qatar’s residential and commercial sectors will give a massive boost to the country’s real estate sector.
Real estate players, including developers and market strategists, are now strongly betting on the country’s vibrant property market. Market experts noted that Qatar is emerging as a core investment target for both regional and international investors. Leading real estate consultant Cushman & Wakefield Qatar said that 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. KPMG in Qatar’s ’Real Estate Rental Index’, which tracks quarterly changes in the real estate rental market, 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.
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. Lusail City, a flagship project by the Qatari Diar, known as the futuristic green city is now one of the top areas for residential and commercial real estate investment. West Bay and Onaiza are also primed to introduce real estate space into the market.
With several hotels, malls and other outlets opening in Qatar, residential, commercial and mixed-use areas are expanding and more properties are 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. Real estate activity in ‘emerging municipalities’ such as Al Wakrah, Al Khor and Al Rayyan is also increasing, with investors seeing the potential market for these locations. Al Wakra and Al Khor are now turning into fully developed and mature cities and are becoming a top choice for those seeking housing outside Doha.
Continued demand for real estate units is still considered by a large segment of investors as a safe haven. The real estate sector, supported by a series of policy-driven decisions, is staging a turnaround with residential properties expected to increase in the years ahead. With the 2022 FIFA World Cup fast approaching, progress can be seen in all aspects of Qatar. This includes new developments across the country.
Qatar’s real estate market has come a long way since June 2017. The sector is moving ahead with full steam. The average monthly transactions have increased, which shows the strength of real estate sector.
