The real estate sector in Qatar is expected to see more growth this year. The sector, supported by a series of policy-driven decisions, is staging a turnaround and is booming with residential properties expected to increase in the years ahead.
The sector is witnessing a significant rise in property deals. A look at select monthly and quarterly real estate transactions of last year shows that confidence is returning. According to the Planning and Statistics Authority data, deals worth QR5.4bn were signed during April-June quarter last year.
The second quarter was crucial as the pandemic had begun to show its impact on the economy. As a result of proactive measures taken by the government, the economic activity began to gain momentum.
These increased deal-making activities in real estate sector which resulted signing of deals worth QR10.1bn during July-September quarter. Property sales had reached QR11.4bn during the first half of last year.
Last year saw the further opening of real estate sector by allowing foreigners to own real estate in more areas in the country. In October, the government announced the decision to allow foreign companies and individuals to own real estate in 25 areas in the country. According to the new decision, the owners of property which is worth no less than QR730,000 will be offered residency for them and their family.
Moreover, the Ministry of Justice and the Ministry of Interior has launched an office for Non-Qatari Real Estate Ownership in The Pearl-Qatar, in order to provide real estate ownership and utilization services through one window for investors. The move boosted the sentiments of the stakeholders.
Continued demand for real estate units is still considered by a large segment of investors as a safe haven. Real estate players, including developers and market strategists, are now strongly betting on the country’s vibrant property market. With the 2022 FIFA World Cup fast approaching, progress can be seen in all aspects of Qatar.
Even real estate companies increased their activities. Barwa Real Estate launched the construction works for two upcoming projects in Al Wakra City. The first is ‘Madinatna’, which is a residential city for families, and the second is ‘Barahat Al Janoub’, a workers accommodation project. Ezdan Real Estate Company, the major real estate developer, also announced launch of the second phase of its promotional campaign for the residential and commercial units in ‘Ezdan Oasis’.
All these data confirm the strength of Qatar economy and the continued growth of the real estate sector as one of its key components.
