Qatar real estate sector has seen a major increase in market activity this year. This is according to various real estate agents and brokers.
Qatar's real estate transaction volumes reached QR2 billion in February 2023. Then in March 2023, transaction volumes were QR1 billion. This is according to Qatar's Ministry of Justice.
QATAR REAL ESTATE: STRENGTHS
The real estate sector is one of Qatar's major economic pillars. This is according to Jeffrey Asselstine who recently spoke with The Peninsula. He is the Managing Director of NelsonPark Property. Mr. Asselstine also highlighted how the country's real estate industry puts Qatar in a strong position. Real estate transactions now make a strong contribution alongside the country’s vast oil and gas trade.
Qatar's thriving economy creates an environment for important projects and initiatives. But also, international investments and activity continue to flood into the country. Asselstine emphasised that NelsonPark Property "works with tenants and sellers to add value to the market". He highlighted that these activities mean the company has a strong contribution towards Qatar's growth and economy.
NelsonPark Property has been at the forefront of major projects in Doha, The Pearl, and Lusail City. This is because the real estate broker collaborates with several clients and developments throughout Qatar.
QATAR REAL ESTATE: HIGH DEMAND FOR RESIDENTIAL
Asseltine went on to say that the residential market is critical and in great demand. Asseltine highlighted that the company is in conversation with three or four developers. These developers also bring residential projects to the market.
So, residential developments have proved lucrative investments for real estate brokers in Qatar. This is due to the many villas and apartments available throughout Qatar.
The real estate expert highlighted concerns about rents being steady beyond 2022. He conveyed that: “Rents were due to increase last year anyway. They have fallen so far that I was not surprised to see the increase. It depends on the market and landlords would not change the rent if the places were empty.”
According to the expert, rent adjustments will occur because property owners want more tenants to come in and fill the vacant space.
Qatar's current real estate market benefits both landlords and tenants. With many projects developed for Qatar's 2022 FIFA World Cup, there is a strong stock of new developments that could help boost the country's economy in the coming years.
OVERALL POSITIVE START TO 2023 FOR QATARI REAL ESTATE
So, despite initial questions asked about the impact of developments for the FIFA World Cup, things are starting with a positive trajectory. Yet it waits to be seen what the long-term has in store for Qatar’s real estate sector.
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