Qatar reaches for the stars: why 2020 could be a key year to invest
With forecasts predicting a rise of 9.6% in CAGR for the Qatar construction market between 2019 and 2024 (source: Mordor Intelligence), it seems that investor confidence is rising, as the industry benefits from investments made in preparation for the FIFA World Cup in 2022 and the Qatar National Vision 2030.
These programmes are already having a welcome impact on real estate sales, after a significant upsurge in prices between 2012 and 2016 was followed by a steep correction in the market. According to Pawel Banach, General Manager of ValuStrat Qatar “Sales transaction volumes accumulated to QR13.8bn in value during the first eight months of 2019.” Mr Banach also observed “With falling mortgage rates and capital values, buying property for non-Qatari households is becoming easier than before.”
Currently there are many exciting new construction projects under way in Qatar (particularly in areas such as Al Waab, West Bay Lagoon, Lusail City and The Pearl) and it is anticipated that investor confidence will continue to build into 2020 and beyond.
Property for sale in Al Waab
Around ten kilometres (6.2 miles) from Doha’s city centre, family-friendly Al Waab is close to some of Doha’s biggest attractions, including the Aspire Zone and Villaggio Mall, and the area boasts a number of Western-curriculum schools including The American School of Doha.
New developments include 92 luxurious villas for sale in Al Waab, built with the finest craftsmanship and attention to detail.
Property for sale in Lusail City
Now almost 90% completed, Lusail is a showpiece for the government’s Vision 2030 sustainable development plan.
In Q3 this year, rental activity increased in Lusail as new developments became available. One of the city’s foremost buildings is The e18hteen Tower, a stunning office block development set to transform the city’s skyline. Other developments to look out for include Al Erkhya, Yasmine City, the Bayti Complex and Marina 33.
Property for sale in West Bay
With its iconic skyscrapers and five star residences, this popular waterfront district offers everything required for a truly cosmopolitan lifestyle.
The beautiful West Bay Lagoon – an affluent gated community of waterfront villas laid out with green parks and tennis courts – is one of the jewels in West Bay’s crown. Freehold properties in West Bay Lagoon are available to be purchased by overseas buyers and expats.
Property for sale in The Pearl
The Pearl is a man-made island boasting waterfront promenades, high-end shopping malls and luxurious residences (which can also be purchased by overseas buyers). Luxury homes for sale in The Pearl include the glamorous Paramount Residences as well as the smart, contemporary apartments available at Baywalk, a residential tower with a pristine, sandy beach on its doorstep.
Recent property market updates show that rental levels for prime apartments have stabilised in 2019, while villa compounds in top locations are enjoying strong occupancy rates. These encouraging trends, together with the long-term growth spelled out in the government’s vision for Qatar, suggest that 2020 may be the year to invest before prices rise again.