(MENAFN- The Peninsula)
Deepak John
|
The Peninsula
Doha: Qatar's robust and resilient Economy has been growing steadily. The real estate market offers several opportunities for residents and investors alike.
The country's realty is among the most promising and attractive in the Gulf region, with significant potential, especially in Lusail City. As the second-largest city after Doha and considered the economic capital of Qatar, Lusail also boasts one of the most promising entertainment sectors, Property Finder (a leading real estate platform in MENA) said in its Residential Real Estate annual report.
The ongoing real estate projects in Qatar till the end of 2023 reached advanced stages of development. Out of these projects, approximately 62 percent have surpassed the halfway mark.
Approximately 24 percent of the projects are nearing completion, with over 90 percent of the construction already finished. Another 29.8 percent of the projects are currently between 75 percent and less than 90 percent complete.
The construction of projects in Doha has made substantial progress. Around 88 percent of the projects are more than halfway through the construction process.
Additionally, 53 percent of the projects are in the final stages of completion. In terms of the value of investments 71 percent of the projects are in the final phase.
Qatar's Third National Development Strategy (NDS3) relies heavily on the real estate sector. The goal is to make Qatar more attractive to investors and businesses. It's about creating a welcoming environment for both investors and skilled workers. It aims to prioritise economic sectors and ensure a high quality of life for everyone living in Qatar.
NDS3 focused on sectors such as logistics, tourism, manufacturing, IT, education, and health services. These sectors rely on real estate, driving continuous growth in the property sector. So, real estate plays an important role as Qatar works towards achieving its National Vision 2030.
The residential and mixed-use real estate sectors recorded a total of 157 ongoing projects worth $19.1bn in last year. These projects accounted for approximately 61.7 percent of the total number of projects and 61.8 percent of the total investments.
Along the same lines, the market was dominated by private sector development, contributing to 92.6 percent of the total number of ongoing projects till the end of 2023 and almost 84.5 percent of the total investments worth $11bn in ongoing projects until the end of 2023.
The governmental development of the ongoing projects was achieved eight mega projects distributed over five different governorates compared to seven governorates for the private sector. In the private sector, Al Daayen, Al Rayyan and Al Doha accounted for 85 percent of the total investment.
On the other hand, Al Shamal contributed to almost 22 percent of the total governmental investment in governmental development. Al Daayen alone contributed to almost 49.6 percent of the total governmental investment in governmental development, while Ras Laffan at Al Khor has the highest number of governmental projects with a total of four projects.
Lusail at Al Daayen municipality accounted for the majority of real estate investments, representing approximately 41.4 percent of the total investment. This amounted to about 51 projects worth $5.4bn.
Notably, all investments in Lusail were made by private companies. Pearl Qatar at Doha municipality witnessed the development of 19 ongoing projects, which constituted almost 17.6 percent of the total ongoing projects and 19 percent of the private projects.
The total investments allocated to these projects amounted to $1.1bn, contributing to only 10.1 percent of the total project value. This indicates that the projects in Pearl Qatar are relatively smaller than those in other municipalities on average.
Doha ranked second in terms of the number of projects, with 36 ongoing projects valued at $1.9bn. Despite being the capital of Qatar and potentially the most important municipality, Al Doha experienced a relative decrease in new real estate project investments, possibly due to the intense development it underwent in recent years leading up to the World Cup.
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