Qatar’s real estate sector provides numerous opportunities, and it is expected to expand steadily in the future, reaching nearly QR155.7 billion by the end of 2028.
The real estate and construction sectors together grew by 3.4 percent in 2023, accounting for QR132.4 billion. They contributed almost 19% of Qatar’s GDP. According to the Residential Real Estate annual report by Property Finder (a leading real estate platform in MENA), this reflects the importance of the two sectors, which account for nearly one-third of Qatar’s non-oil sector.
The sector is expected to grow steadily in the future, reaching nearly QR155.7 billion by the end of 2028, demonstrating how many opportunities the real estate and construction sector has in Qatar, but its contribution is expected to fall to 17 percent.
In May 2024, the volume of real estate trading in sale contracts registered with the Real Estate Registration Department at the Ministry of Justice amounted to QR1,260,555,145. 322 real estate transactions were recorded during the month, as the number of properties sold index recorded an increase of 60 percent compared to April 2024, while the value of real estate transactions index recorded an increase of 55 percent, and the index of traded areas recorded an increase of 58 percent.
According to Amiri Decision No. 28 of 2023, which establishes the public authority for regulating the real estate sector, the establishment of RERA represents a critical step toward regulating and organizing the real estate sector in Qatar.
RERA’s establishment is critical to carrying out the real estate sector’s development strategy, promoting transparency, and stimulating sectoral growth. It provides a structured framework for monitoring real estate activities and ensuring regulatory compliance, boosting investor confidence and market stability.
Last year, the Ministry of Municipality also launched the Qatar Real Estate Platform, which provides accurate data and statistics on the real estate sector. This represents a significant step forward in the digitization of real estate services and improving access to critical data. QREP operates a centralized online portal that provides free access to real estate information, streamlines business transactions and promotes transparency.
According to the report, Qatar’s economy experienced a significant boost in economic activity as a result of the country’s hosting of the FIFA World Cup in 2022, as well as high global energy prices. Despite a slight slowdown in 2023, with nominal GDP falling from QR860 billion to QR827.5 billion, the outlook remains positive, with GDP expected to nearly reach QR840bn by the end of 2024.
The country’s economic growth is expected to continue in the coming years, reaching nearly QR1,366 billion by the end of 2028. The real growth rate is expected to average between 2 and 3 percent, except 2026 and 2027, which are expected to grow by 6 and 14 percent, respectively. This significant economic boost is anticipated as a result of the Northfield liquefied natural gas (LNG) expansion project, which is scheduled to begin production in 2026.
Qatar’s economy is primarily based on the mining and quarrying sector, which accounts for up to 37% of GDP in 2023. This sector’s share is expected to rise to 39% by 2028, following the start of the LNG project.
Qatar’s heavy reliance on hydrocarbon exports has propelled it to become one of the world’s wealthiest economies, with a GDP per capita of $75,000 in 2023.
