(MENAFN- The Peninsula)
Joel Johnson
|
The Peninsula
Doha, Qatar: The commercial Real estate market in the country is experiencing reverberating growth with driving factors such as economic diversification efforts, infrastructure developments and the positive impacts of hosting major tournaments in the recent past, including the AFC Asia Cup, World Aquatic Championship and the FIFA World Cup, which was held in 2022.
According to recent data by Statista, the sector is estimated to reach a total value of $221bn in 2024. Market explorers told The Peninsula that this surging demand places Qatar as a regional hub for resilient commerce and trade activities.
Serban Spirea, Chief Executive Officer of FG Realty, said:“As we progress towards Qatar National Vision 2030, we anticipate continued expansion and modernisation in the commercial sector, with increased investments in sustainable and technologically advanced buildings.”
“This boom is likely to attract more international businesses and enhance Qatar's position as a regional hub for commerce and innovation.”
Statista's data noted that the sector is expected to obtain a compound annual growth rate of 1.75 percent in the next four years, estimated to reach approximately $237bn in its market volume.
However, analysts remark that this is backed by strong foreign direct investments (FDI), coupled with Qatar's favorable business opportunities and strategic initiatives.
“The country's efforts to diversify its economy away from hydrocarbons, invest in infrastructure, and develop free zones have already made it an attractive destination for international investors,” Spirea said.
“We expect this trend to continue, with FDIs playing a crucial role in driving economic growth and development in various sectors, including real estate, finance and technology,” he added.
However, investors in the country outlined potential challenges albeit the market outlook remains stable.
Andrew John, an investor and resident of 21 years in Qatar, pointed out that some of the obstacles include“the constant changes in the regulatory framework and global market in addition to the current focus on sustainability and green building standards.”
In order to navigate through these circumstances, thorough planning and deep comprehension of the local market dynamics are essential, stressed John.
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