Doha, Qatar: Qatar’s residential real estate industry size in 2024 is $4.28bn and is expected to register a compound annual growth rate (CAGR) of 6.24 percent in the next half-a-decade, states experts analysing market at the Mordor Intelligence.
Researchers noted that the global pandemic, which emerged from Wuhan, China had negatively impacted the sector. Eventually, numerous residential projects were delayed or canceled due to the epidemic.
Since the recovery period, Qatar’s economy witnessed a huge boom in the region with a high GDP growth and population influx, aided by job opportunities and government legislation, which drives Qatar’s residential real estate market positively.
It said that “The high net worth of the ordinary Qatari inhabitant, both local and expatriate, considerably impacts the construction industry, increasing the demand for luxury and well-organized residential areas.”
On the other hand, the growth rate in the country, combined with a steady supply of expatriate workers, is anticipated to generate further demand in the medium to long term. The report outlined that the government adopted a series of “legislative revisions” aimed at preserving the rights of residential building investors in response to increasing development activity in the market.
However, the country’s growing population in addition to the growing demand and high discretionary income levels, indicates that the market is expected to rise in the years ahead. “Despite their wealth, the bulk of Qatar’s expatriate population prefers to rent rather than buy. Tightened personal credit restrictions have exacerbated the problem of low homeownership,” the report highlighted.
UrbaCon Trading and Contracting (UCC) planned to develop two residential complexes in Qatar’s Al Wakra city, totaling more than QR5bn ($1.37bn).
At present, Al Wakra is Qatar’s second-largest city and home to the 40,000-seat Al Janoub football stadium, designed by Zaha Hadid, which hosted numerous matches including a quarterfinal during the 2022 World Cup. The report notes that the country also expects this to serve as a “springboard” for future evolution, along with high-end homes at the center of the city’s enhancements.
Numerous companies have invested in and implemented residential realty projects at The Pearl Qatar including Namaa Doha Real Estate firm on its 49 high-end villa projects in Giardino Village.
“Construction works on the residential project are progressing at a steady pace, with the project currently scheduled for completion by the end of 2022. The project will also offer investment opportunities at 49 standalone villas, with each villa comprising two levels, a basement, and a penthouse, in addition to a private pool and parking spaces,” it added.
