Realty Industry To See CAGR Of Around 2% From 2024 To 2029
Date
11/4/2024 4:40:33 AM
(MENAFN- The Peninsula)
Joel Johnson
|
The Peninsula
Doha: The Real estate sector continues to drive Qatar's Economy as the compound annual growth rate (CAGR) is estimated to grow by 1.96 percent in the years ahead.
According to a report by Statista, the market is anticipated to amount to a value of $446.60bn by the year-end.
In terms of the residential and housing sector, the market dominates with an estimated market volume of $237.80bn in the same year.
Several realty experts noted that the demand will surge in 2025 and will further accelerate the GDP growth.
Analysts have highlighted that the rental rates have increased during the previous quarter across several prime localities.
Among the research platforms in Qatar, hapondo recently stated that the average rent for a one-bedroom listed in the key and emerging residential areas such as West Bay and Lusail Marina witnessed a tremendous hike, while The Pearl Qatar stood solid. Rents in Fox Hills observed a drop during the months from July to August.
Statista underscores that the market CAGR of 1.96 percent from this year leading up to 2029, will result in a market volume of $492.10bn.
An official source told The Peninsula that the current quarter will result in“high-end rental prices” as the demand upsurges due to numerous projects, particularly in the fields of oil and gas.
Serban Spirea, CEO of FG Realty said that the demand is assertive due to the transitioning of many tenants into homeowners.
However, when compared from the global analytical point of view, the US continues to dominate the market with the highest value, forecast to reach $132 trillion by the end of this year.
Market analysts remarked that Qatar's real estate market is undergoing a thriving demand for luxury properties, due to its foreign investment and numerous global events hosted by the country, which attracts tourists and entrepreneurs to explore broad opportunities.
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