According to market analysts at Mordor Intelligence, Qatar’s residential real estate market is projected to reach a size of $4.28 billion in 2024 and grow at a compound annual growth rate (CAGR) of 6.24 percent over the following five years.
Researchers found that the industry had suffered as a result of the global pandemic that originated in Wuhan, China. The epidemic ultimately caused a number of residential projects to be postponed or canceled.
Due to favorable government policies, job opportunities, and population growth, Qatar’s economy has experienced a significant boom since the recovery period. This has had a positive impact on the country’s residential real estate market.
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.”
However, in the medium to long term, it is expected that the country’s growth rate along with a consistent supply of foreign labor will create additional demand. According to the report, in response to growing market development activity, the government passed a number of “legislative revisions” intended to protect investors’ rights in residential buildings.
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.
In Al Wakra city, Qatar, UrbaCon Trading and Contracting (UCC) intended to build two residential complexes at a cost exceeding QR5 billion ($1.37 billion).
The 40,000-seat Al Janoub football stadium, designed by Zaha Hadid, is located in Al Wakra, the second-largest city in Qatar at the moment. It has played host to multiple games, including a quarterfinal during the 2022 World Cup. According to the report, the nation anticipates that this will act as a “springboard” for further development in addition to placing upscale residences at the heart of the city’s improvements.
Many businesses, such as Namaa Doha Real Estate firm, which developed 49 upscale villa projects in Giardino Village, invested in and carried out residential real estate projects at The Pearl Qatar.
“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.