THE ECONOMIC activities in Qatar have gained momentum boosted by the recovery in the economy. The huge response to the recently concluded Build Your House (BYH) Exhibition 2022 demonstrates surge in the activity in Qatar’s real estate sector.
The three-day exhibition has stimulated more trade than pre-vious editions with about QR453m deals signed during the three-day event. This highly engaging event saw a footfall of 10,300 visitors over the course of three days.
It’s Knowledge Sharing Conference and Smart and Future Living Conference, brought over 30 pres-entations from guest speakers from academic insti-tutions, government entities, architectural associa-tions, and leading industry businesses.
With successful hosting of previous editions, the exhibition has established a reputation as the key event for consultants, contractors and suppliers in the design and contracting industry to present their latest products and services to Qatari nationals who seek to build and renovate houses that are fit for the future. It offers a platform that accelerates Qatar’s government work to support its citizens with the development of areas and lands
.This event has also benefitted from the strength of Qatar’s strong real estate sector. Although the pan-demic has dented the growth momentum of global economy, Qatar’s real estate sector has delivered an impressive performance.
The real estate sector wit-nessed deals worth over QR25bn in 2021 in 5,374 trans-actions which demonstrate the resilience of this sector.The number of real estate trans-actions was up by 5 percent in 2021 compared to 5,116 transactions 2020.Qatar’s real sector is expected to see addition of more than 15,000 residential units in the current year, according to a report released by Valustrat- a real estate consultancy firm.
Nearly 4,800 residential units (including apartments and villas) were completed during 2021.The local real estate sector will benefit from the recovery in economy.The Qatari economy achieved a real growth rate of 2 percent in the fourth quarter of 2021 year-on-year, according to data issued by the Planning and Sta-tistics Authority, yesterday.
Qatar’s economy is expected to witness a robust recovery this year. Qatar’s real GDP (Gross Domestic Product) is expected to grow by 4.8 percent in 2022 and 4.9 percent in 2023, as per the latest Global Economic Prospects report released by the World Bank. The economy of Qatar is estimated to have grown by 3 percent in 2021.
Qatar is expected to outperform regional growth also as the region is likely to grow at 4.4 percent this yea
