Gradual improvement in Qatar’s property market post Covid

The residential real estate market in Qatar is divided by Type (Villas, Landed Houses, and Apartments and Condominiums) and Important Cities (Doha, Al Wakrah, Al Rayyan, and Umm Salal Muhammad)

The Qatari residential real estate market is predicted to grow by 11.5% annually (2022 - 2027). COVID-19 has hurt Qatar's housing market. COVID-19 delayed or cancelled several home developments. Due to COVID-19 and the ensuing worldwide oil price drop, the country's government sought the deferral of more than QAR 29.1 billion (USD 8 billion) in unawarded contracts on capital expenditure projects in April 2020. Qatar's economy is booming. High GDP growth, population inflow, and government laws are driving the residential real estate market.

High net wealth of native and expatriate Qataris affects the building business, raising demand for luxury and well-organized residential neighborhoods. In response to increased development activity in the sector, the Qatari government has introduced a number of legal reforms to protect the interests of residential construction investors. Qatar's growing population, robust demand base, and high discretionary income predict residential real estate demand will rise. Despite their riches, most Qatari expats opt to rent. Personal credit constraints have worsened low homeownership.

UrbaCon Trading and Contracting (UCC) will develop two residential complexes in Al Wakra, Qatar (USD 1.37 billion). Al Wakra, a traditional fishing hamlet, is Qatar's second-largest city and home to the 40,000-seat Al Janoub football stadium, built by Zaha Hadid. Qatar hopes this to spur further growth, with high-end houses near the city's heart. Namaa Doha Real Estate has started building 49 luxury homes in Giardino Village – The Pearl. The residential project is slated for completion in Q3 2022 and will feature 49 independent villas with two stories, a basement, a penthouse, a private pool, and parking spots.

QATAR RESIDENTIAL REAL ESTATE MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECAST (2022-2027)