Qatar’s state budget, strategic projects fueling real estate boom

Market set for growth, positive outlook for 2024
Qatar’s state budget, strategic projects fueling real estate boom
Unveiling Qatar's real estate boom

The real estate market in Qatar is expected to experience a boost in sales and purchases in the coming year. According to the weekly report published by Al-Asmakh Real Estate Development Company (AREDC), the indicators for 2024 show a positive outlook for construction and development, driven by anticipated economic activity. This positive trend is likely to have a favorable impact on real estate transactions across residential, commercial, and administrative sectors.

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The report revealed that the upcoming state budget for the fiscal year 2024 will prioritize programs and projects outlined in the National Development Strategy. It will also allocate the necessary funds to ensure the successful completion of strategic projects aligned with the Qatar National Vision 2030. These projects will primarily focus on supporting economic diversification, environmental initiatives, and advancements in the health and education sectors.

The paper highlighted that real estate developers are actively engaged in the implementation of comprehensive housing projects that include entertainment facilities to ensure ongoing progress and continuity in work.

The study also confirmed a notable increase in inquiries regarding freehold apartments for non-Qataris in recent times. It is expected that this surge in interest will lead to an uptick in sales transactions during the first quarter of 2024.

Additionally, according to real estate trading data from Qatar’s Ministry of Justice, a total of 129 real estate transactions were conducted during the second week of October.

The value of these transactions amounted to QAR456.3 million ($125.3 million), representing a significant weekly growth of 42 percent in the value of deals and 30 percent in the number of transactions.

Villa and citizen lands

According to the weekly report from Kate real estate company, there has been a noticeable dominance of villa and citizen lands in real estate deals over the past two weeks. These types of properties currently represent the majority of real estate investments in the market.

During this period, there were a total of 46 transactions involving space land, 44 transactions for fully built properties, and 41 transactions for housing. Additionally, a deal was made for the sale of a residential complex and two residential buildings, along with the sale of 39 individual housing units.

In comparison to the previous month of August, Qatar’s real estate trading volume witnessed a 3 percent increase in September, reaching QAR1.37 billion ($376 million).

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