Qatar's real estate industry looks stable and optimistic for the rest of the year. Since 2023, several rising trends have been fueling this.
RESIDENTIAL ACTIVITY DOMINATES IN QATAR
Ahmad Al Khanji, CEO of Hapondo Real Estate, talked to The Peninsula about a positive trend. He mentioned how residential activity will keep leading Qatari real estate activity in 2024. Al Khanji also expressed how Qatari real estate appeals to a select type of buyer. This is due to the availability of off-plan residential projects, including prime developments. Good deals are available in the secondary sale market too. This is especially true in areas like The Pearl, Lusail, West Bay, and downtown Doha, according to Al Khanhi. So, these areas offer attractive options for buyers.
GROWING INTEREST IN QATAR'S VACANT LAND
In 2023, the Minister of Justice reported that 82% of land transactions were for villas and houses. It's anticipated that this interest in residential properties will continue growing in 2024. So, it shows a growing trend of interest in Qatar’s residential properties.
POSITIVE IMPACT OF TOURISM & HOSPITALITY
The tourism and hospitality market in Qatar will likely see positive growth in 2024 too. This is a reflection of a strong hotels and hotel apartments market during 2023. But it also reflects an anticipated increase in travel within the GCC region during 2024.
THE DYNAMIC OF QATAR'S OFFICE SECTOR
Qatar's office sector continues to favour tenants. Al Khanji mentioned how landlords are focusing on filling vacancies. This is then pushing rent prices down. So, some landlords are thinking about or already changing their buildings into apartments or hotels.
ROLE OF QATAR'S NATIONAL DEVELOPMENT STRATEGY
Qatar's Third National Development Strategy (NDS3) relies heavily on the real estate sector. The goal is to make Qatar more attractive to investors and businesses. It's all about creating a welcoming environment for both investors and skilled workers. The aim is to prioritise economic sectors and ensure a high quality of life for everyone living in Qatar.
NDS3 focused on specific sectors such as logistics, tourism, manufacturing, IT, education, and health services. These sectors rely on real estate, driving continuous growth in the property sector. So, real estate plays an important role as Qatar works towards achieving its National Vision 2030.
ATTRACTING FOREIGN INVESTORS
Qatar keeps attracting foreign investors with new high-end residential projects. These projects appeal to wealthy buyers worldwide. For instance, there's Qetaifan Island North by Qetaifan Projects. Also, notable developments like Les Vagues by Dar Al Arkan and Qetaifan Projects are in the pipeline. The Famed Elie Saab designed these projects. Equally, Qatar's real estate market will see mid-rise multi-use buildings by Qetaifan Projects and JMJ. Zaha Hadid designed these buildings, adding to Qatar's real estate landscape.
So, there are lots in the works in Qatar's real estate market. With many exciting upcoming projects and high demand from foreign investors, a promising future awaits.
