The news article gives a brief description about the real estate business in Qatar.
Qatar union and state reforms, massive infrastructural developments, and an optimal balance of trade are recognized in the survey which was done by the Investment Promotion Agency of Qatar and EY as important driving forces to open up new prospects. It also promotes market trends and manufacturing resources for corporate, housing, and department store property investment.
The production increased significantly, by 6.9 percent, between 2010, and 2020. According to the report, residential demand is also anticipated to continue to rise as a result of several factors, including the adoption of rules governing the real estate industry for foreign investors, the country’s hosting of major events, and the rising number of expatriates.
Competitively, the workplace sector is anticipated to expand as the country’s economy lifts, and the Department of Commerce and Industry, the Doha Special Economic zone Agency, and the r Research and Technology Park will continue to provide various regulatory and fiscal incentives to support the sector’s growth prospects.
The country’s upcoming mega events, including the World Cup (2022), Formula 1 (10-year deal starting 2024), FINA world championships (2024), and Asian Games (2024), are largely to blame for the projected increase in demand for retail real estate, particularly for vacation spot and amusement retail developments .
In order to lessen its carbon footprint, Qatar has made tremendous progress in promoting an environmentally friendly real estate industry.
According to the report, the market’s potential has increased as a result of investments in $250 billion in development projects and Council of Ministers Decision No. (28) of 2020 on the requirements, safeguards, advantages, and procedures for real estate ownership and usage in the nation.
One of the perks offered to real estate investors is permanent residency, which comes with perks like cost-free medical services, schooling, and access to certain business endeavours.
The establishment of the Real Estate Regulatory Authority, which would be in charge of creating a national strategy for organising and boosting the real estate sector, was approved by the Qatari government in September 2022.
As a result of Qatar’s impending hosting of the 2022 FIFA World Cup, demand will change. According to the survey, the average rental unit price increased by 23% in Doha and by 38% in Al Khor during the same time period.
The analysis predicts that price increases will only last a short while and that demand will slightly decline the following year. The need for apartments is currently increasing, especially for temporary and serviced residences.
According to reports, 80 percent of residential apartments are occupied, mostly as a result of the Supreme Committee for Delivery and Legacy for the 2022 FIFA World Cup’s need for leases as well as corporate needs for staff housing. 1251 real estate sale transactions totaling QAR4.85 billion were recorded in the first quarter by the Ministry of Justice’s Quarterly Real Estate Bulletin.
“Investors and first-time purchasers are now more confident in making investments in the market because
Qatar is at the forefront of one of the most prominent sporting events in the world. According to the study, the Ministry of Justice is also making the required efforts to make the market more transparent, which will soon allow for further investment.
According to Property Finder, sales demand is related to Qatar’s new foreign property ownership, investment rules, and their inherent benefits, as well as an expansion of the locations that foreigners are now permitted to invest in.
The FIFA World Cup, a quadrennial international men’s football championship played between the senior national teams of FIFA member nations, will take place in 2022 for the 22nd time. Qatar will host it from November 20 through December 18, 2022. After the event in South Korea and Japan in 2002, this will be the second World Cup staged exclusively in Asia and the first World Cup to ever be contested in the Arab world.
