By: Deborah Moolman
Mirage International Property Consultants
The Qatar Real Estate market is one of the fastest growing sectors with its unique investment opportunities. The new laws and legislation, which encourage local and foreign investment in this ever-growing economy have strengthened Qatar as a leading player in the Real Estate market. The real estate sector has been ranked second after the oil and gas sector in Qatar.
The 2022 FIFA World Cup and the Qatar National Vision 2030 has given a real boost to the economy infrastructure and many massive real estate development projects are being completed at an accelerated pace. Adding to this, is the recent extension to Law No. 16 2018, which allows foreigners (non-Qataris) to own Real Estate properties in more areas by increasing the number of freehold and leasehold zones in Qatar. Some of these factors are driving the growth of the real estate sector in the country creating buying and owning of real estate a lucrative and viable option for property owners and investors in Qatar.
For aspiring real estate owners in Qatar, the Residential sector remains an extremely attractive proposition. Whether individuals are looking at purchasing a home with the eligibility to get residency or as an investment for future security. Real estate investment can help with long term retirement plans, providing a high rental yield on investment, in an effort to capitalise and increase their net worth, often with the goal of retiring with a good residual income. Qatar has tremendous ROI offerings averaged between 5-7.5% which is higher than other international cities. For investors, it is easiest to look at the ROI, however correct evaluation of costs is what ensures a sound investment. Mirage Property plays a major role through its vast experience in the local property market, constant marketing analysis, selection of right property and securing tenants by providing hassle free property ownership and management service.
As a Single Solution Company, here in Qatar for over 16 years, Mirage International Property Consultants specialises in International and Local Buying and Selling, Leasing, Property Management and Facility Management.
Whilst, there have been challenges that property owners are facing as the real estate market is trying to create a balance between demand and supply of the properties across the country. More recently there has been a reduction in rents and prices of apartments in prime locations like Al Sadd, The Pearl and West Bay, which in turn makes the customer/ tenant driving the market rental index. There has been an increasing supply of residential and commercial units in Qatar including towers, malls, gated communities, and luxury villas in the major development areas like The Pearl, Lusail, Musheireb, Fereej Bin Mahmoud, Al Waab, Al Kheesa, Fereej Abdul Aziz, Al Wajba, Umm Salal Ali, Al Dafna and many other areas across Qatar.
Qatar real estate sector is majorly dominated by the sales market. There has been an increasing demand by Qataris for Investment property in the form of land towards the North of Qatar, as they foresee future development opportunities. There are numerous developments in the northern areas, which includes Qetaifan Island, Gewan Island, Qatar Coral, Lusail Waterfront, Al Erkyah, Rawdat Al Hamama, Umm Al Amad and many more.
There is significant growth expected in the future vision for the Qatar real estate market during the upcoming years, particularly, the sales market projections for the future is expected to showcase a tremendous performance. It is incredible to see how the Qatar economy is reaching its new goals with each passing day.
This article was published as part of the fifth edition of Property Finder Qatar’s Trends Report