(MENAFN- The Peninsula) Joel Johnson |The Peninsula
Doha, Qatar: Qatar's real estate industry looks stable with a positive outlook this year as experts in the country note several rising trends since 2023.
Speaking to The Peninsula in an interview, Ahmad Al Khanji, Chief Executive Officer at Hapondo Real Estate firm, an online research platform offering key data on the realty sector and residential market, said:“We expect residential activity to still dominate and drive real estate trading volume this year. We have seen several off-plan residential projects unveiled over the last year, including prime developments that put Qatar on the radar of destinations for discerning buyers. At the same time, there are good deals to be made in the secondary sale market in areas such as The Pearl, Lusail, West Bay, and Doha's downtown.”
The official emphasised that in 2023, the property market witnessed considerable interest about 82 percent of vacant land transacted was intended for villas and houses as per the data and analysis from the Minister of Justice. This figure is poised to grow further this year, the official said.
Apart from the housing sector, the tourism and hospitality market is also anticipated to impact positively. Market analysts state that the hotel and hotel apartment markets performed exceptionally well towards the end of 2023, and greater travel volume within the GCC will benefit this sector significantly this year.
Additionally, the office sector will continue to be a tenant's market, said the researcher. Al Khanji said“Landlords are focusing on filling in their vacancies, which puts downward pressure on rents. In other markets, we have seen landlords beginning to either consider or implement asset repurposing strategies [turning offices into apartments or hotels]. These may be already ideas that landlords are considering.”
The real estate sector also plays a pivotal role in the recently launched Third National Development Strategy (NDS3). The strategy will enable Qatar to continue creating a business and investor-friendly environment. Thus, Qatar is assertive on transforming itself into one of the most favored destinations for investments and talents, while prioritising economic sectors and aiming to maintain a high quality of life for citizens and residents.
“NDS3 identified specific sectors to focus on, such as logistics, tourism, manufacturing, IT, education, and health services, to name a few. These sectors require real estate, and that fundamental need will fuel the continuous growth of the property sector as we work on achieving the National Vision by 2030,” Al Khanji explained.
Market reports including Hapondo outline that Qatar is constantly attracting foreign investors by innovating prime residential projects that draw the attention of high-net-worth buyers from across the globe.
Qetaifan Projects' Qetaifan Island North is taking shape in the country and the next wave of super-prime developments in the Middle East is expected to be in Qatar. These anticipated projects include Les Vagues, a prime development of Dar Al Arkan and Qetaifan Projects with world-renowned designer Elie Saab, and several mid-rise multi-use buildings by Qetaifan Projects and JMJ to be designed by Zaha Hadid.
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