Qatar's real estate is one of the vital sectors of the national economy. This industry gets big support to succeed from the government. Moreover, higher GDP growth is a strong factor in the progress of the real estate market. Thus the future outlook for real estate in Qatar is very strong. However, the outbreak of the COVID-19 pandemic upset the movements of the real estate business. But now, the current trends reveal the charming aspects of this sector.
Qatar Government Policies Support Enough to Real Estate Market
The latest government policies support the positive change in the investment ratio. In addition, the government has reduced the restrictions on foreign policy regarding the real estate business. Consequently, this state offers good support to initiate the real estate market.
Foreign Real Estate Ownership Law
The market potential for properties is developing due to the revision of foreign real estate ownership law. According to this law, non-Qatari people can own freehold ownership and leasehold rights for 99 years. This change is creating more property transactions.
More people are selling and buying different commercial and residential properties in Qatar, which has modified the state's real estate market trends. The Council of Ministers has allocated nine specific areas to purchase properties.
The freehold areas are,
- West Bay Lagoon
- The Pearl Qatar
- Al Khor Resort
- Rawdat Al Jahaniyah
- Al Qassar
- Al Dafna
- Onaiza
- Al Wasail
- Al Kharij
- Jabal Theyleeb
The Rise in Sales and Purchase Transactions
The investors and residents benefit from this situation, and the sale and purchase transaction of the properties is rising day by day. On the other hand, landlords get residency for themselves and their families without a sponsor, and it is a very attractive benefit for foreigners.
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Remarkable Development in the Whole Region
Qatar is extending its different areas to enlarge the scope of the real estate market. There is a great infrastructure in different projects. The country is engaging commercial lands in new projects. We can see different kinds of evolving works like;
- Developing infrastructure
- New real estate projects
- Construction projects
- Construction of new main roads
- Intersections
- Giant road network and bridges
- Advanced means of transportation
- Planning to be a huge global sports arena
- Bridges to serve diversified regions
- Bridges to support the regions outside Doha and far-flung areas
- The increase in urban areas
- The development of new cities outside Doha
- The implementation to increase the volume of property transactions
- Planning Of more residential units in different areas
- Promotion of commercial projects
- Competitive rental rates trends
- Development in the rental sector
- Planning of official and commercial properties
The Future Perspective of the Real Estate Market
Hence we believe that the future outlook of the real estate industry is very charming and bright. Certainly, growth and recovery are obligatory in the economy. Qatar promotes this sector with continuity as the real estate sector is the main component. It has a firm belief to excel. The real estate sector will rise in the coming years. In addition, the country is providing various options to home buyers and investors.
A Prominent Change in Residential Properties
- Around 80% of the upcoming residential units and properties are expected in Qatar's developing areas.
- The annual growth rate at a compound is 13% during the forecast.
- The influx of population is supporting it.
- Moreover, the government is creating additional employment options. On the other hand, it is also executing new policies to drive the development of the residential real estate sector in the country.
The Top-List Developing Areas Are;
- The Pearl
- West Bay
- Lusail
The Investment Scope
If we discuss the investment scope of the country, it is very positive. The country is creating more business and investment plans for people. The present situation is important and ideal for property finders, Realtors, and investors.
FIFA World Cup 2022 Influence on the Real Estate Market
As we know, Qatar will host the FIFA World Cup 2022. It plans to be a full global sports arena to host first-rate tournaments. More likely, it wants to receive millions of sports lovers and supporters.
It will create great investment ventures and will also elevate tourism. As a result, the rental earnings are increasing, and thus, it ensures that the real estate market index will continue at its high rate.
Future Perspective for Real Estate Trends
The country is looking at likely changes in the real estate landscape. The property trends are going ahead with positive changes. However, the country still needs a strategic plan and deep insight to maintain economic evolution long term. Undoubtedly, the property market is boosting with high spirit.
Hopefully, we can say that the region will remain the most vital economic factor in the Middle East. Furthermore, the country will be a key beneficiary for the investors and real estate market.
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