Mohammed Arif Khan
Real Estate Manager
Al Mirqab Real Estate
Qatar is one of the fastest developing countries in the Middle East and the country has transformed remarkably in the past decade, with massive growth in the construction sector, which will surge in the coming years. The construction market is booming with 15 percent of GDP contributed by the real estate construction market; it has become Qatar’s largest non-mineral industry. The real estate construction industry of Qatar is also poised to grow further in the years to come, which means a growing number of job opportunities for nationals and foreigners alike. Such a promising investment environment promotes economic development overall and can enhance tourism and other highly attractive business opportunities. In Qatar, the growth of residential construction is expected to be supported by the growing urban population. According to various surveys, thousands of new housing units are currently being built in the country. By the time the units are completed in 2022, there will be an economic boom in the Qatar real estate construction market.
Real estate construction activities in the country is booming in preparation for the 2022 FIFA World Cup. To prepare the country for the massive influx of players, officials, and fans during the event, the state is investing tens of billions of dollars in sport, transport, and tourism infrastructure.
Qatar’s construction sector has benefited greatly from the preparations for the tournament. During the World Cup, approximately one million attendees are expected in Qatar. In response, the country has been busy building a wide range of hotels and residential units to accommodate the increasing number of visitors during the mega event. Qatar is about to see the opening of 47 new and exciting hotels.
The state has reaped substantial rewards for increasing its tourism numbers through investments in world-class museums, public spaces outdoors, new hotel infrastructure, and the award-winning international airport. With such a large number of spending by the government and private sectors in the real estate construction industry, the said industry is confident to further boost the economy of the country. The real estate construction industry of Qatar has the potential to make leaps and bounds by engaging more and more manpower.
The 2022 FIFA World Cup is a remarkable achievement for Qatar. The World Cup is supposed to lift-up the country’s real estate construction sector, over USD140 billion will be invested in the nation’s transportation infrastructure over the next few years. This is a huge investment in any non-oil sector by the Qatar government, and it explains the intention of the government for the coming decade. As part of preparing for the World Cup, efforts are being made to expand the New Doha International Airport (NDIA), roads, and metro system that will support the influxes of visitors and leave a sustainable legacy for Qatar.
The 2022 FIFA World Cup is expected to drive a great deal of interest in affordable accommodation. Doha’s upcoming population growth will lead to an increase in the construction of affordable housing, more houses, apartments, and rooms are being built to accommodate the visitors.
Nowadays, Qatar is a dream destination for anyone interested in the real estate construction market. With the arrival of international mega-events, construction and development activities have been accelerated. Invest in the real estate construction market of Qatar and start reaping the profits.
This article was published as part of the sixth edition of Property Finder Qatar’s Trends Report.
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