Strength and resilience of Qatar’s real estate were in full display in the recently concluded Cityscape Qatar. The exhibition showcased new projects by the country’s leading companies and put the spotlight on recent trends in the real estate sector. The three-day-long 9th edition of Cityscape Qatar was held at the Doha Exhibition and Convention Centre.
It provided seasoned investors and prospective homebuyers a chance to explore various opportunities in the real estate sector. Several leading real estate companies including Qatari Diar Real Estate Investment Company, Qetaifan Projects, Sotheby’s Intl Realty and Barwa Group took part in the exhibition. The real estate sector of Qatar has able to maintain its momentum despite the challenging situation created by coronavirus pandemic.
The number of deals taking place in real estate sector demonstrates the growing trust global and domestic investors in country’s robust economy. The government has taken many initiatives in the past that have made country’s real estate sector attractive for investors. According to a report by ValuStrat, a real estate consultancy firm, around 8,200 residential units are expected to enter the market in 2021, offering more choices to homebuyers. A major portion of the new supply will go to Lusail, The Pearl-Qatar and West Bay.
The report expects real estate to benefit from the increase in the population of expatriates in the second quarter of this year. The country is expected to receive 7,000 rooms (6,250 keys and 750 apartments) in 2021, according to the report. Housing stock totalled 306,515 units with the addition of 1,800 units during the second quarter of 2021. Projects handed over during the quarter were situated in Lusail, The Pearl, Al Dafna, Luqta, Umm Ghuwailina and New Doha.
According to the report, 4,900 residential units are in the pipeline by the end of the year. Office stock was estimated at 5.6 million sqm gross leasing area with completion of 76,000 sqm gross leasing area during Q2 of 2021.
The real estate sector of Qatar ended the year 2020 on an impressive note. The volume of real estate transactions during 2020 was QR31bn compared to QR22.8bn in 2019, according to the Ministry of Justice.
Last year saw the further opening of the real estate sector by allowing foreigners to own real estate in more areas in the country. In October, the government announced the decision to allow foreign companies and individuals to own real estate in 25 areas in the country.
According to the new decision, the owners of property which is worth no less than QR730,000 will be offered residency for them and their families.
