QATAR’S real estate market has demonstrated resilience helped by the several proactive measures taken by the government. The real estate sector is expected to see more growth this year.
As per the Ministry of Justice report, the value of deals and number of deals have witnessed significant growth in March compared to February. Qatar’s real estate sector witnessed deals worth QR2.57bn in March compared to QR1.77bn in February this year, recording a surge of around 45 percent, according to the Real Estate Bulletin released by the Ministry of Justice.
Other reports have also validated the strength of Qatar’s real estate sector, which is playing a crucial role in stimulating national economy.
According to a report by ValuStrat, a real estate consultancy firm, around 8,200 residential units are expected to enter 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 the 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. Upcoming hospitality projects include The Plaza Doha, Katara Towers, Waldorf Astoria, Zulal Wellness Resort, Salwa Beach resort, Jouri Murwab Hotel, Steigenberger Hotel, Banyan Tree Doha, JW Mariott Hotel, Al Baker Novotel and Sofitel, Majlis Grand Mercure Hotel & Apartment and Dream Doha.
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.
The value of deals signed during December surged around 128 percent compared to November 2020. Total deals worth over QR5.43bn were registered while 486 properties exchanged hands during December, according to a report by the Ministry of Justice. Deals worth QR2.38bn were signed while total 504 properties were sold in November last year. Last year saw the further opening of 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 family
