Qatar’s economy is robust and resilient, and it has been growing steadily. The real estate market provides numerous opportunities for residents and investors alike.
The country’s real estate is among the most promising and appealing in the Gulf region, with enormous potential, particularly in Lusail City. Lusail, Qatar’s second-largest city after Doha and considered the country’s economic capital, also has one of the most promising entertainment sectors, according to Property Finder (a leading real estate platform in the Middle East and North Africa).
The ongoing real estate projects in Qatar that will be completed by the end of 2023 have reached advanced stages of development. Approximately 62 percent of these projects have passed the halfway mark.
Approximately 24% of the projects are nearing completion, with more than 90% of the construction already complete. Another 29.8 percent of the projects are currently 75 percent to less than 90 percent completed.
The construction of projects in Doha has made significant progress. Approximately 88% of the projects are more than halfway through the construction process.
Additionally, 53 percent of the projects are nearing completion. In terms of investment value, 71% of projects are in their final stages.
Qatar’s Third National Development Strategy (NDS3) is heavily reliant on the real estate sector. The goal is to increase Qatar’s attractiveness to investors and businesses. It is about creating an inviting environment for both investors and skilled workers. It aims to prioritize economic sectors while also ensuring a high standard of living for all Qataris.
NDS3 focused on industries such as logistics, tourism, manufacturing, information technology, education, and health care. These sectors rely on real estate, which drives the property sector’s continuous growth. As Qatar strives to achieve its National Vision 2030, real estate plays an increasingly important role.
The residential and mixed-use real estate sectors had 157 ongoing projects worth $19.1 billion last year. These projects accounted for roughly 61.7% of the total number of projects and 61.8% of total investments.
Similarly, private sector development dominated the market, accounting for 92.6 percent of total ongoing projects through the end of 2023 and nearly 84.5 percent of total investments totaling $11 billion in ongoing projects.
The government’s development of ongoing projects resulted in eight mega projects spread across five governorates, compared to seven for the private sector. In the private sector, Al Daayen, Al Rayyan, and Al Doha accounted for 85% of total investment.
On the other hand, Al Shamal contributed nearly 22% of total governmental investment in development. Al Daayen alone accounted for nearly 49.6 percent of total governmental investment in development, while Ras Laffan at Al Khor has the most governmental projects, totaling four.
Lusail in Al Daayen municipality received the majority of real estate investments, accounting for approximately 41.4% of the total investment. This amounted to approximately 51 projects totaling $5.4 billion.
Notably, all of Lusail’s investments came from private companies. Pearl Qatar in Doha municipality saw the development of 19 ongoing projects, accounting for nearly 17.6 percent of all ongoing projects and 19 percent of private projects.
The total investments allocated to these projects totaled $1.1 billion, accounting for only 10.1 percent of the project value. This suggests that projects in Pearl Qatar are smaller than those in other municipalities on average.
Doha had the second-highest number of projects, with 36 ongoing projects worth $1.9 billion. Despite being Qatar’s capital and potentially the most important municipality, Al Doha has seen a relative decrease in new real estate project investments, possibly due to the intense development that occurred in the years leading up to the World Cup.
