WHILE pandemic has dented the growth momentum of global economy, Qatar’s real estate sector has delivered an impressive performance. The real estate sector witnessed deals worth over QR25bn in 2021 in 5,374 transactions which demonstrate the resil-ience of this sector.
The number of real estate trans-actions was up by 5 percent in 2021 compared to 5,116 transactions 2020. Among the different geographies, Doha munici-pality took the crown with the highest number of deals struck during the year.
Real estate deals worth QR9.69bn were signed in Doha making it the highest value of deals in the municipalities in the country, according to data of Ministry of Justice. Al Rayyan and Al Dhaayen emerged second and third with deal values reaching QR7.4bn and QR3.6bn, respectively. Al Wakrah municipality recorded deals worth QR2bn, Umm Slal saw deals worth QR1.7bn while in other municipalities, total deal value was less the QR1bn.
Qatar’s real estate sector is expected to remain buoyant this year with the addition of more residential houses to the existing stock residential units.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 cases of omicron have shown a declining trend in the last month which will further boost the sentiments among investors. The economic activities in the country will also gain momentum due to the upcoming FIFA World Cup Qatar 2022.
The demand for office spaces in Qatar is likely to see a strong recovery that will help in stablising office rents. With FIFA World Cup Qatar 2022 approaching near, companies are expected to strike new deals to occupy new office spaces. Majority of the deals are expected to be related to office spaces in prime areas such as Lusail, West Bay and Msheireb Downtown.The local real estate sector will benefit from the recovery in economy.
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 year.
