The real estate sector in Qatar offers enormous expansion and
The news article gives a brief description of the real estate sector in Qatar.
Qatar’s trade union and state reforms, massive infrastructure developments and an optimal trade balance are recognized in the survey by the Qatar Investment Promotion Agency and EY as important drivers for opening up new prospects . It also promotes market trends and manufacturing resources for business, residential, and department store real estate investments.
Production increased significantly, by 6.9%, between 2010 and 2020. According to the report, residential demand is also expected to continue to increase due to several factors, including the adoption of rules governing the real estate sector for investors. foreigners, the hosting of major events in the country and the growing number of expatriates.
Competitively, the workplace sector is expected to grow as the country’s economy recovers, and the Department of Trade and Industry, the Doha Special Economic Zone Agency and the research and technology will continue to provide various regulatory and tax incentives to support the sector. growth prospects.
The country’s upcoming mega events including the World Cup (2022), Formula 1 (10-year deal from 2023), FINA World Championships (2023) and Asian Games (2024) are in big part responsible for the projected increase in demand for commercial real estate, particularly for commercial resort and entertainment developments.
In order to reduce its carbon footprint, Qatar has made huge strides in promoting an environmentally friendly real estate industry.
According to the report, the market potential has increased with investments of $250 billion in development projects and Council of Ministers Decision No. (28) of 2020 on Requirements, Safeguards, Benefits and procedures for ownership and use of real estate in the nation.
One of the advantages offered to real estate investors is permanent residence, which comes with benefits such as free medical services, schooling and access to certain business activities.
The creation of the Real Estate Regulatory Authority, which would be responsible for creating a national strategy for organizing and energizing the real estate sector, was approved by the Qatari government in September 2022.
Due to Qatar’s imminent hosting of the 2022 FIFA World Cup, the demand will change. According to the survey, the average price of rental accommodation increased by 23% in Doha and 38% in Al Khor during the same period.
The analysis predicts that the price increases will only last for a short time and that demand will decrease slightly the following year. The need for apartments is currently increasing, especially for temporary and serviced residences.
According to reports, 80% of residential apartments are occupied, mainly due to the need for Supreme Committee leases for delivery and inheritance for the 2022 FIFA World Cup as well as corporate needs for staff accommodation. . 1,251 real estate sales transactions totaling QAR 4.85 billion were recorded in the first quarter by the Ministry of Justice Real Estate Quarterly Bulletin.
“Investors and first-time buyers are now more confident about investing in the market because
Qatar is at the forefront of one of the most important sporting events in the world. According to the study, the Ministry of Justice is also making the necessary efforts to make the market more transparent, which will soon allow new investments.
According to Property Finder, the demand for sale is linked to Qatar’s new foreign ownership, investment rules and their inherent benefits, as well as the expansion of locations in which foreigners are now allowed to invest.
The FIFA World Cup, a four-year international men’s football championship contested between the senior national teams of FIFA member countries, will take place in 2022 for the 22nd time. Qatar will host it from November 20 to December 18, 2022. After the event in South Korea and Japan in 2002, it will be the second World Cup held exclusively in Asia and the first World Cup ever played in the Arab world. .