The report by Investment Promotion Agency Qatar (IPA Qatar) and EY identifies the country’s legislative, reforms, significant investments in infrastructure and positive economic outlook as key drivers to unlock further business opportunities. It also highlights sector developments and investment opportunities across commercial, residential and retail real estate.
A substantial growth of 6.9 percent in supply between 2010-2020 was noted. Additionally, residential demand, backed by various factors like the enactment of real estate sector laws for foreign investors, the country’s hosting of mega-events and the growing expatriate population, are poised to maintain an upward trend, according to the report.
Commercially, the office sector is set to face growth, as the economic activity picks up, while various regulatory and fiscal incentives by the Ministry of Commerce and Industry, Qatar Free Zones Authority and Qatar Science and Technology Park, will continue to stimulate the sector’s growth prospects, the report details.
Retail real estate is projected to continue attracting demand, especially for destination and entertainment-focused retail developments, mainly attributed to the country’s upcoming mega events, namely, World Cup (2022), Formula 1 (10-year deal starting 2023), FINA world championships (2023) and Asian games (2030).
Qatar has made significant strides in fostering an eco-friendly real estate sector and introducing innovative concepts to reduce its carbon footprint.
The potential of the market has been further expanded following the investment in construction projects worth $250 billion and the Council of Ministers’ Decision No. (28) of 2020 on the conditions, controls, benefits, and procedures for ownership and use of real estate in the country, the report explains.
Some of the benefits granted to real estate investors are permanent residency, which provides benefits such as free health care, education/tuition, and the ability to invest in certain commercial activities.
In September 2022, the Government of Qatar approved the establishment of the Real Estate Regulatory Authority which will be responsible for preparing a national plan for organising and stimulating the real estate sector. Such government policies have been enacted to grow and strengthen Qatar’s economic development and develop the real estate sector.
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