Mohamed Abdul Lateef
General Manager
Al Athid Real Estate Investment Company
The real estate sector is one of the fastest-growing economies in Qatar, and a safe haven for many investors, thanks to the development policy pursued by the government and the solutions it proposes, which has led to an increase in the number of operating real estate companies. Not to mention, the continuation of construction work across various real estate projects in the country, despite the repercussions of the COVID-19 pandemic, especially in promising locations such as Lusail City and The Pearl, in addition to a number of areas experiencing population growth in the northern and southern parts of Qatar; these are all indicators of a flourishing market in Qatar that has overcome a number of challenges during the pandemic.
The continuous improvement and development of Qatar’s infrastructure, especially in regards to transportation facilities, development of roads and bridges, and the preparation for major events that will be hosted by the country in the upcoming months, are considered among the factors that will contribute to the recovery of the retail and hospitality sector, while at the same time, supporting the growth of real estate construction operations in these two vital sectors to keep pace with all demands, in addition to the importance of having an open and fully developed infrastructure in the tourism sector.
It should be noted that the real estate sector in Qatar is currently witnessing an unprecedented qualitative boom, especially with the country hosting the upcoming 2022 FIFA World Cup, where the country is witnessing cash flow and great demand from investors and business owners to establish hotels and hotel apartments throughout the country, specifically in areas that serve the World Cup and adjacent to stadiums.
Qatar’s tremendous ability to control, organise and ensure successful events has helped us promote and publicise all residential buildings in various areas of Doha in the long term.
Each year begins with a fresh start, and we can truly say that this year has started on a positive note for Qatar. This optimism was aided by the implementation of new laws that encourage investment, and the introduction of many new modern real estate units on the market, which pushed the economy towards a strong recovery. All this heralds the positive direction of the real estate sector towards prosperity again.
The bright side of last year was the growth achieved by the real estate market in Qatar. Despite the fluctuations that the market witnessed due to Corona, and the effect it had on our daily lifestyle, the market is closer to achieving its goals than ever before.
Growth Spur
Perhaps the most prominent reason for the growth that the real estate market is going through is the government’s commitment towards attracting international events to the country, in particular, the 2022 FIFA World Cup and the 2021 Arab Cup. Let’s not forget that Qatar has won the hosting bid for the Asian Games 2030, and it has also submitted a bid to host the 2027 AFC Asian Cup.
Easier than ever before
By hosting the aforementioned activities, Qatar has demonstrated its ability to manage huge global events, which in turn, has created many opportunities in the real estate market for developers and investors in the long run. This is evidenced by the widely available options that meet the requirements of tenants and investors from rental homes or promising investment properties. Real estate owners and developers have enhanced this abundance through attractive offers and investment opportunities on their properties.
Adapting to situations
If we say that COVID-19 has changed the lifestyle of everyone in Qatar, we will have underestimated its impact that lasted throughout 2020. The pandemic affected a number of business sectors, including the real estate market. The sharp rise in demand for prime locations over the past year can be taken as an indication of what’s to come; we are on the cusp of further prosperity towards the future, because renting or acquiring a property has become very easy in Qatar at this time.
Qatar is making unremitting, tireless and wise, forward-thinking efforts to attract capital and organise major global events that require building facilities of great quality, including various international sporting events, and therefore it is expected that all of these factors play a constructive role in forming a bright picture of the future of real estate as a whole.
We have recently seen that the initiative of the Supreme Committee for Delivery and Legacy, which is the body responsible for developing sports facilities projects for the 2022 FIFA World Cup, give apartment owners the initiative to express their desire to rent their apartments within the program of accommodation for visitors to Qatar during preparation for the tournament and during competitions. It also stimulated real estate investors, residential projects, and allowed the participation of projects under construction in this decision, provided that they are ready.
In conclusion, I note that Qatar is establishing a new phase of growth, development and modernization thanks to wise leadership and sound planning for the future of its coming generations; a vision that the Government of Qatar seeks to implement in accordance with the directives of His Highness Sheikh Tamim bin Hamad Al Thani to build an advanced society, that is prosperous and fortified by its values and culture and one that is open to all, and which carries with it the omens of a promising and thriving future.
This article was published as part of the seventh edition of Property Finder Qatar’s Trends Report.
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