Qatar’S construction sector is witnessing boom overcoming the adverse impacts of COVID-19. The strong participation of visitors and companies in the recently-concluded the Build Your House 2021 exhibition and data regarding related real estate has confirmed the strong recovery in the country’s construction sector.
The Build Your House 2021 exhibition provided an opportunity to learn about the most prominent technological developments and the best international practices in the field of environmentally friendly engineering, construction, and interior and exterior design. The second edition of the exhibition featured the participation of about 150 companies working in a range of sectors specialized in the design, renovation, and construction of homes in Qatar, including contracting, architecture, and interior design companies.
During the visit to the exhibition, Qatar Chamber Chairman Sheikh Khalifa bin Jassim Al Thani said that Qatar’s construction sector is steadily growing. He said the sector’s continuous growth is supported by the economic expansion in the country and the acceleration of projects related to the FIFA World Cup 2022. He said that the exhibition provided an opportunity to discover hundreds of smart and modern options that are both cost-effective and of great quality for designing, building, renovating, maintaining and developing houses.
The number of building permits issued in August by municipalities in Qatar has increased by 18 percent compared to previous month, according to data released by the Planning and Statistics Authority (PSA). Building permits and building completion certificates data is of particular importance as it is considered an indicator for the performance of the construction sector which in turn occupies a significant position in the national economy. The number of building permits issued in June by municipalities in Qatar has increased by 111 percent compared to previous month.
The total number of permits issued by the municipalities reached 734 in June, compared to 348 in May this year. According to consultancy firm KPMG, Qatar’s real estate leasehold market witnessing signs of stability. Research has showed that office rentals in the central business district are witnessing promising signs of stability. With the uptick in the economic activity, we can expect a possible recovery over the short to middle term, noted the report.
After witnessing a drop of 8.4 percent during the last two quarters (Q3 and Q4) of 2020, the rentals for the commercial office segment have experienced significant improvement with just a one percent decline on the rental index during Q1 and Q2 2021. As per the KPMG report, there has been a marked rise in tenant movement over the last two quarters.
Qatar’s construction sector will witness further growth in the coming years
