Qatar's Real Estate Market Poised for Steady Growth
The sector is expected to reach $42.77Bn by 2028, driven by government initiatives and infrastructure development.
Qatar Real EstateReal Estate GrowthConstruction SectorEconomyInfrastructure DevelopmentReal EstateJun 27, 2024
The real estate and construction sectors have grown by 3.4 percent in 2023, accounting for QR132.4bn and contributing to almost 19 percent of Qatar's GDP. This highlights the importance of these sectors, which contribute to almost one-third of Qatar's non-oil sector.
The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at the Ministry of Justice has also seen a significant increase. In May 2024, the value of real estate transactions amounted to QR1,260,555,145, with 322 real estate transactions recorded during the month.
The establishment of the Real Estate Regulatory Authority (RERA) marks a pivotal step towards regulating and organizing the real estate sector in Qatar. RERA's formation is integral to implementing the real estate sector's development strategy, fostering transparency, and stimulating sectoral growth.
The Ministry of Municipality's launch of the Real Estate Platform of Qatar (QREP) has also marked a milestone in digitizing real estate services and enhancing accessibility to critical data. QREP provides a centralized online portal that offers free access to real estate information, facilitates business transactions, and promotes transparency.
Qatar's economy has witnessed a significant boost to economic activity driven by the country hosting the FIFA World Cup 2022 and by high global energy prices and demand. Despite a slight deceleration in 2023, the outlook remains optimistic, with the economy expected to continue growing in the next few years.
The country's economic growth is expected to reach almost QR1,366bn by the end of 2028, with the real growth rate averaging between 2 percent and 3 percent. This major economic boost is anticipated due to the Northfield liquefied natural gas (LNG) expansion project, which is expected to start production in 2026.
Qatar's economy is primarily dependent on the mining and quarrying sector, which accounted for up to 37 percent of the GDP in 2023. This sector's share is expected to increase to 39 percent by 2028, following the commencement of the LNG project.
Frequently Asked Questions
What is the expected valuation of Qatar's real estate sector by 2028?
$42.77Bn
What is the current contribution of the real estate and construction sectors to Qatar's GDP?
Almost 19 percent
What is the purpose of the Real Estate Regulatory Authority (RERA) in Qatar?
To regulate and organize the real estate sector, fostering transparency and stimulating sectoral growth
What is the expected growth rate of Qatar's economy in the next few years?
Between 2 percent and 3 percent, except for 2026 and 2027 which are expected to grow by 6 percent and 14 percent respectively
What is the primary sector driving Qatar's economy?
The mining and quarrying sector, which accounted for up to 37 percent of the GDP in 2023
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