Vice-President of Cityscape, Chris Speller.
Doha: Qatar’s real estate sector is showing significant growth across the board with its current valuation at $5bn and is expected to grow exponentially over the next few years; Vice President of Cityscape, Chris Speller, disclosed to The Peninsula.
“There is a steady recovery rate throughout the different real estate sectors,” Speller said.
“Looking at the residential market, we see trends such as single villa plots being the most actively traded asset, making up 53 per cent of all transactions. This growth will continue to prosper within the residential market. Qatar has also announced that over a hundred new hotels and serviced apartments will launch within the hospitality portfolio leading to the FIFA World Cup Qatar 2022.”
Speller highlighted the numerous developments happening in Qatar, especially the Lusail City by the Qatari Diar Real Estate Company, reflecting the extent of progress made by the State of Qatar on a large scale after Qatar 2022.
He said that Lusail City would offer a selection of commercial and entertainment areas, natural scenery, and a unique collection of architectural features.
“Projects of this nature are examples of the country’s potential and further solidify the real estate market’s investment potential,” Speller added.
According to Mordor Intelligence, the Qatari residential real estate market is expected to register a CAGR higher than 11.5% during the forecast period (2022 - 2027).
Speller stated that various industries are still heavily impacted as the global economy emerges from the pandemic. Nevertheless, the last few months have seen an uptick in optimism and market recuperation globally and regionally.
“The GCC region has been a leader in resilience, with residential transactions growing by almost 52% in 2021, surpassing 2020 figures, as the market gradually recovers. There is plenty to look forward to in the Qatari real estate market this year.
“With the FIFA World Cup and a solid increase in tourism, the possibilities are vast for market growth. Another critical area is the Environmental, Social, and Governance (ESG) initiative which, combined with the government’s ongoing efforts to improve the industry’s self-sufficiency, Qatar’s real estate industry will continue to grow to new heights,” he added.
Commenting on the upcoming Cityscape Qatar, themed ‘Sustainable, Resilient, Affordable and Liveable’which will be held from June 20-22 at Doha Exhibition and Convention Center (DECC), Speller said the event would highlight many exciting projects coming up following the World Cup.
“This June, Cityscape Qatar will explore these developments across the three-day exhibition, while the Cityscape Talks stage will feature a line-up of industry leaders, discussing the latest trends shaping the market and areas of further growth in the real estate industry.
“Many sustainable design elements have also been incorporated into the new real estate projects, aligning with the Qatar National Vision 2030. Moving forward, a strong appeal for environmentally conscious projects shall prosper across the hospitality, residential and commercial real estate sectors.”
According to the Cityscape VP, this year’s event will allow visitors and industry professionals to immerse in the real estate world. It promises to be an ideal opportunity for networking with industry experts, developers, and clients, especially with the promising events in Qatar this year.
“Every year, we see an increase in exhibitor numbers and interest from regional markets to attend and see the latest projects launching in Qatar. The investment opportunities are obvious, and this year’s show is essential for those looking to get into the market,” he added.
