Qatar's Construction Market To Exceed Qr133m In 2024

(MENAFN- The Peninsula) Joel Johnson | The Peninsula

Doha, Qatar: Analysts in the country have noted an upswing trajectory growth for the country sector in Qatar this year. The industry is estimated to surge by 4.40 percent and is expected to amount to QR133.5m in 2024, as per a recent report by Researches and Markets.

Amidst growing challenges in the region, the medium to long-term growth story in Qatar“remains intact”, the report said. However, in the next four quarters leading up to 2025, the construction market will be boosted and grow steadily

According to the experts, the momentum will further increase in the years ahead, registering a compound annual growth rate (CAGR) of 4.4 percent from 2024 until 2028. Meanwhile, the construction output in Qatar is anticipated to total QR154.2m in the next four years.

The market intelligence report offered an explicit view of Qatar's opportunities in the building and infrastructure construction sector, which is poised for higher demand.

The report further states that the growth dynamics in building and infrastructure construction in addition to construction cost structure analysis by key areas in Qatar look optimistic.

On the other hand, experts state that there is a growing demand for opportunities for investors to explore rising new projects in the country.

However, the residential construction outlook offers a solid market analysis with ongoing developments across the countries as the price value, volume, and number of units grew significantly as compared to 2023.

During its previous edition of the report, researchers believed that the construction residential sector would amount to $12.39bn this year and is expected to total $21.39bn by 2029, signaling a CAGR of 11.45 percent during the period.

Qatar is one of the swiftly growing economies in the region with a high GDP rate, population, and employment opportunities as the governmental regulations are the key driving factor of the sector.

The country is enhancing its infrastructure and industrial projects in line with the national strategy vision and Asian Games 2030, after hosting a spectacular FIFA 2022.

With the rising foreign direct investments, the residential realty sector witnessed a boom in Qatar.

Several reports note that expatriates and foreign businesspersons invested in many real estate projects, including the West Bay Lagoon and The Pearl.

Key realty players in the market contributing towards the enhancing sector and Qatari economy are Al Mana Real Estate, United Development Company, Qatari Diar Real Estate Company, Ezdan Holdings, and Barwa Real Estate Company.


The Peninsula

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