QATAR'S real estate market is more robust and vibrant than ever before. The residential property market is witnessing sustained growth due to a steady rise in population and continued government support, especially in the form of massive spending on infrastructure development, investment in energy-related projects, and huge spending on social sectors such health and education. The Cabinet last month approved a draft resolution for forming a real estate development interim committee to help develop strategies for the enhancement of the real estate sector in Qatar. The committee shall serve under the umbrella of the Minister of Municipality and Environment. The committee will be specialised in devising growth strategy for Qatar’s real estate market, policies and plans necessary to implement enhancement projects bolstering the sector. The move stems from the state’s continued support to all different economic sectors, especially the real estate sector. Deals are the main gauge of attractiveness of any real estate market. The combined value of real estate deals stood at QR22.8bn in 2019, reflecting the strong interest of investors in Qatar’s growing market. Deals worth QR1.58bn were inked in December 2019, compared to QR1.55bn the previous month, showing a growth of around two percent. October emerged as the busiest month as it witnessed deals worth QR4.36bn, making it month with highest value of deals during 2019. Economic reforms along with the opening of Doha Metro and the newly promulgated National Address Law, will also help boost the real estate market in a big way. Experts believe that the National Address Law, which mandatorily requires every resident to provide their registered residential address, is expected to have a positive impact on the real estate sector as people, who may be living in illegally partitioned villas, will have to move out and sign new housing contracts to comply with the law, thus creating additional demand of housing units. Also, places which have Doha Metro connectivity will see major boost than other areas. A growing demand have also been monitored for open plan offices and units, and the most-sought after regions are West Bay and Al Sadd, controlling 40 percent of total demand on administrative properties, according to a Ezdan Real Estate report. The report highlighted the engaging nature of Lusail City, especially after the completion of 95 percent of its infrastructure. As Qatar 2022 FIFA World Cup dates are fast approaching, the preparations as well as the pace of construction and development have accelerated. With the government’s firm commitment to support the market with continued investment, the real estate market is expected to flourish further.
