Doha is establishing itself as a hub for global wealth as Qatar’s economy, opportunities across sectors and government planning attract international real estate investors, according to Knight Frank’s latest report.
The property consultancy’s Doha Wealth Hub Series document, the first in a three-part examination of real estate markets in emerging Gulf Cooperation Council (GCC) wealth centres, highlights the capital’s growing status.
Qatar’s economic foundation stems from long-term national planning, with the 2030 Qatar National Vision launched in 2018 resulting in infrastructure and real estate investments of $330 billion.
Doha office rents hit QAR 105 PSM in West Bay-Prime district
The government’s third National Development Strategy (2024-2030) aims to diversify the economy, attract foreign investment and enhance Qatar’s competitive position globally.
“The public sector generally drives demand in Qatar’s office market and 2024 saw a surge in leases by government ministries and state-owned enterprises in prime business districts. In Doha, Qatar Airways is planning to relocate its headquarters to the new $5.5 billion Msheireb Downtown this year, solidifying the area’s reputation as a premium business hub,” Adam Stewart, Partner, Head of Qatar said.
West Bay-Prime remains Doha’s most expensive office location at QAR105 per square metre monthly, with Marina District following at QAR97 per square metre, attracting multinational firms in finance, technology and professional services.
The office market benefits from Qatar’s infrastructure investments, including the $36 billion Doha Metro and $16 billion Hamad International Airport, which connects to more than 180 cities worldwide.
“Despite its rapid development, Doha maintains low traffic congestion levels relative to many other global hubs, with ongoing investments in public transportation and smart city solutions preserving this enviable status. These qualities, combined with its cultural vibrancy, economic ambition and liveability, reinforce Doha’s growing status as a forward-looking global city,” Faisal Durrani, Partner – Head of Research, MENA added.
Waterfront properties command QAR 14,300 PSM
The residential sector shows continued strength in prime locations, with total residential sales in Qatar reaching $3.2 billion last year.
Among villa locations, Abu Hamour recorded the highest prices at QAR8,587 per square metre, followed by Al Thumama (QAR7,500) and Al Kheesa (QAR7,000).
Apartment prices averaged QAR12,625 per square metre in 2024. Qanat Quartier (QAR13,977) and The Waterfront (QAR14,300) led the market, reflecting demand for luxury waterfront properties. Marina District (QAR13,600) remains popular with investors and occupiers, while Porto Arabia and The Pearl Island (QAR11,834) offer alternatives within The Pearl development.
“Doha continues to evolve as one of the Middle East’s most attractive urban centres, offering a compelling blend of safety, accessibility and affordability. Ranked among the safest cities globally, it provides residents with a strong sense of security and stability. The city’s relatively moderate cost of living compared to other international business hubs also adds to its appeal,” Stewart added.
Qatar tourism sector grows 31 per cent, expected to reach QAR 135.2bn by 2034
Qatar’s tourism sector expanded by 31 per cent to QAR81.2bn ($22.3 billion) in 2023, constituting 10.3 per cent of total economic output.
Projections indicate this contribution will reach QAR135.2bn ($37.1 billion) by 2034, representing 12.8 per cent of GDP.
The World Travel & Tourism Council forecasts international visitor spending to increase to QAR116bn (US$31.9 billion) by 2034.
The hospitality market added more than 1,000 new hotel rooms in 2024, bringing total supply to 38,100 keys, with 60 per cent comprising internationally branded rooms. By end-2027, quality room supply is expected to reach 42,700 keys.
International visitors to Qatar increased by 25 per cent year-on-year to 5.08 million in 2024, driven by major events including Formula 1 and ATP tennis tournaments, as well as cultural attractions and developments such as The Pearl and Lusail Boulevard.
The retail sector has contributed to economic growth, with initiatives like Shop Qatar, launched in 2017, stimulating tourism and consumer spending.
“The country has added around 881,000 sqm of luxury retail space since 2011, helping to position the country as a major retail hub in the GCC. In fact, our research found that 79% of GCC nationals and GCC-based expats are keen to travel to Qatar purely for a shopping holiday,” Amar Hussain, Associate Partner said.
115 LEED-certified projects position Qatar as green leader
Under the Qatar National Vision 2030, the government has increased efforts to ensure economic transformation is sustainable by diversifying the economy and reducing dependence on hydrocarbons.
Qatar currently has 115 LEED-certified projects totalling 22.6 million square feet, placing it among leading nations outside the United States for US Green Building Council certifications.
Msheireb Downtown exemplifies this commitment, aiming to house one of the largest collections of LEED-certified buildings globally.
Qatar has also developed its own Global Sustainability Assessment System for the Gulf region’s climate and requirements, achieving more than 1,400 certified buildings.
“Doha’s rising prominence on the global real estate scene is driven by more than just regional optimism. Qatar has undergone a remarkable economic transformation since the introduction of the 2030 Qatar National Vision and our latest research shows Doha evolving into a regional economic powerhouse. Its programme of sustainable projects and infrastructure investment is creating a strong ‘work, live, play’ offer that will enhance its appeal to investors and support its emergence as a global wealth hub,” Faisal Durrani, Partner – Head of Research, MENA.
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