The construction sector of Qatar has shown resilience throughout this year. The issuance of building permits in the country during the past months of this year has registered strong growth.
The trend in issuance of building permits in the country indicates the strength of the construction sector. Total building permit issuance has reached 3,766 during the first five months of this year, according to Planning and Statistics Authority data. Building permits data assumes significance for measuring the economic expansion in an economy.
The number of building permits issuance in the country is one of the important indicators of economic activity as it signals expansion or contraction in the construction sector. Industry watchers keep a close tab on the trend in building permits as any increase in the issuance points to recovery in the construction sector. The number of building permits issued in April by municipalities in Qatar stood at 677, data released by the Planning and Statistics Authority showed. Apart from helping in building a robust infrastructure, the construction sector has also emerged as the biggest job creator in Qatar. The growth momentum of Qatar’s construction sector is likely to continue in the medium term.
Qatar’s construction market is expected to reach a value of $76.98bn by 2026, according to a report by Mordor Intelligence- market intelligence and advisory firm. The construction market is expected to witness a compound annual growth rate of 10.54 percent over the period of 2021-2026. The country witnessed issuance of 2,444 building permits during the first quarter of this year, reflecting a rise of around 13 percent compared to the fourth quarter of 2021. During the fourth quarter of last year, which includes October, November and December, 2,159 building permits were issued according to the Planning and Statistics Authority. In the first quarter, March saw the highest number of issuance of building permits during the first quarter.
The number of building permits issued in March by municipalities in Qatar reached 988, data released by the Planning and Statistics Authority showed. Qatar’s infrastructure, construction and real estate industries have been no different, benefiting from the increased demand across all the segments, from residential and office spaces to public transport and hydro-carbon developments. The current year is expected to be good period for the construction sector as Qatar’s economy is witnessing a sharp recovery this year
