Qatar property market to see sustained growth after World Cup: official
Doha: The by-product of a thriving economy is its residential property (real estate) market, said Cityscape Group Director Chris Speller (pictured), adding that Qatar will experience sustained growth in its real estate sector after the FIFA World Cup 2022.
Talk to The peninsula On the sidelines of the recently concluded Cityscape Qatar 2022, Speller said the country’s real estate sector, currently valued at $5 billion, will continue to grow after hosting the mega sporting event this year.
Speaking about the future of Qatar’s real estate sector, Speller said, “When we see a major event happen in a market, there is a huge influx because the international attention is overwhelming. And they will. Because I think what Qatar had planned around the World Cup is going to make everybody’s head spin, and really focus to see the opportunity here. The real estate sector may experience a small spike. And then afterwards, it may stabilize and have constant growth, but it will be sustained growth.
“So I think where the country’s ambition is to create that economic diversification, even as we see with QatarEnergy’s focus on more sustainable products, that will drive new types of investment in Qatar. And the by-product of a thriving economy is actually your residential real estate market. Because if you get more businesses, you get more SMEs and more organizations, they need a place to live. I so think you’ll see a spike in the residential post-World Cup,” Speller added.
He said Qatar’s real estate and infrastructure sectors are already seeing an increase in international investors moving into the country.
“At the moment, we are focusing more on huge amounts of new hotels and hospitality this year. However, what we have seen in the local market is that individual villa plots have also increased significantly. significant, let’s say a 52% increase at the moment. There is another type of investor at the moment that they are attracting to Qatar, those who want to come and live here. Those who want to start businesses and try to settle and organize to become residents of Qatar,” Speller said.
He added: “What we are also seeing are international investors looking at infrastructure. After the World Cup, a lot of this is about smart cities, technology and sustainability.”
According to Speller, the area’s real estate market is also seeing new post-blockade and post-pandemic trends.
He said, “What we’re seeing in the GCC, and across the Mena region, including Egypt, developers are changing the way they work as organizations a bit. They continue to be the master developer in their local market, but they also export their skills. So Qatari Diar has a huge main project in Egypt, and you see Qetaifan Projects building other relationships in other market regions, also going to Saudi Arabia.
“So they’re using the real estate and their expertise that they’ve learned here as an import and an export to drive inward investment, but also to look for new financial opportunities elsewhere in the region,” Speller added.
Asked if the real estate market has already surpassed pre-pandemic levels, Speller said: “I’ve spoken to many developers, I think they’re seeing gradual returns, whether it’s the return to the pre-pandemic, I’m not sure. I think what will happen is that there are still more announcements to be made regarding new development opportunities. When this starts to happen you will see a set of growth. As soon as you bring more products to market, you also see saturation and a spike around that,” he added.
Looking ahead, Speller said there will be adjustments in the Qatar property market next year.
“Two different things a property developer looks at: construction delivery and construction ambition. Qatar has the National Vision 2030. As soon as the World Cup is staged, the country can focus on building again. driving investment in. And I’m pretty confident that in 2023 we’ll start to see some growth in the Cityscape spectacle again, with the local market coming back, because they have something new to say to the world,” Speller added.