The real estate sector of Qatar has shown resilience last year. The sector attracted investors which was visible in several deals that were signed in 2018. According to the data of the Ministry of Development Planning and Statistics, Doha was the most sought after among real estate buyers in 2018. The municipality topped the country in terms of real estate deals last year. Doha witnessed real estate deals worth QR10.7bn last year, leaving behind other municipalities by wide margin.
Al Rayyan came second in terms of value of deals while Al Daayen was on the third place. Al Wakrah, which has undergone remarkable infrastructure development in the past few years, was on the fourth place in terms of real estate deals.
The value of properties sold in Al Rayyan Municipality was QR6.37bn in 2018, while it was QR2.76bn in Al Daayen Municipality. Total value of real estate deals in Al Wakrah Municipality was QR1.84bn in 2018. These deals involving billions of riyals shows the strength of country’s real estate sector.
Qatar’s real estate has seen some spectacular changes in recent years, with rapid growth and a range of iconic towers, malls, gated communities, hotels and luxury villas coming onto the market. Swift expansion has transformed the skyline and propelled the country into the top ranks of the global real estate market.
Much of the real estate growth in recent years is attributed to strong GDP expansion, built on the back of major oil and gas reserves.
Several new projects in the commercial real estate are due to launch in near future.
With the expected opening of five new malls this year, and other commercial establishments next year, the organised supply of retail space in Qatar is forecast to exceed over 2 million square metres (sqm) by 2020.
These five new malls, which are estimated to be completed by the end of this year, include Doha Mall (Abu Hamour), Katara Mall (Al Qassar), Northgate Mall (North Doha), La Galleria (Msheireb) and Doha Souq (Al Mirqab), according to Q4 2018 Qatar market review released by DTZ/Cushman & Wakefield, yesterday.
The organised retail supply in Qatar has increased by more than 100 percent since 2015 with the opening of 13 new malls in Doha, Al Khor and Al Wakhra. Total supply of gross leasable area within retail malls now tops 1.4 million sqm, of which almost 800,000 sqm is provided in the country’s five largest ‘super-regional’ malls. All these new projects will further strengthen Qatar’s real estate sector.
