Market Size of Qatar Condominium and Apartment Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2020 - 2022 |
CAGR | 3.11 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Qatar Condominium & Apartment market Analysis
The size of the Qatar Condominium and Apartment Market is USD 2.48 billion in the current year and is anticipated to register a CAGR of over 3.11% during the forecast period. The market is driven by the huge demand for the residential estate from foreigners. Furthermore, the market is driven by the demand increase due to the recent FIFA world cup.
- The hosting of a FIFA World Cup usually results in a significant increase in demand for short-term rental accommodation in cities where stadiums are located, resulting in dramatic price increases-but the uplift to the sales market occurs over a long period. The short-term boost to the property market, such as the rental upswings experienced by Qatar and neighbouring Dubai, typically lasts only a few weeks and primarily affects properties located near the stadiums. The long-term impact of hosting one of the world's largest sporting events on residential real estate markets is more complicated to predict. The long-term effects of hosting the soccer tournament vary greatly from country to country and city to city.
- The residential real estate market has seen an increase in activity in 2022, which can be attributed to the increased demand generated by the World Cup. For the first time since 2015, we are seeing evidence of rental increases in Qatar; however, this increase is likely to be temporary, as demand is expected to fall in 2023. The commercial market has also seen an increase in activity, particularly in Lusail; however, rental levels are still being influenced by the market's general oversupply. Apartment rents are expected to rise further as availability becomes scarcer ahead of the World Cup. Landlords are increasingly likely to demand two-year contracts to capitalize on rental inflation and mitigate the impact of decreased demand in 2023.
- According to Property Finder, sales demand is attributed to Qatar's new foreign property ownership, investment laws and their inherent benefits, as well as an increase in the areas in which foreigners are now permitted to invest. The Supreme Committee for Delivery and Legacy for the 2022 FIFA World Cup, as well as companies looking for staff housing, have reported that 80 per cent of residential units are occupied. The Quarterly Real Estate Bulletin of the Ministry of Justice reported 1251 real estate sale transactions in the first quarter.
Qatar Condominium & Apartment market Industry Segmentation
A building that can accommodate at least 10 households is considered to be an apartment building. Condos are very similar to apartments, although they are owned differently. The landlord is the particular condo owner. Either personally or with the aid of a property management company, the condo is managed. The report covers the complete background analysis of the Qatar Condominium and Apartment Market, including the assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, emerging trends in the market segments, market dynamics, and geographical trends, and COVID-19 impact.
The Qatar Condominium and Apartment Market is Segmented By Key Cities (Doha, Al Wakrah and Other Cities). The report offers market size and forecasts in value (USD billion) for all the above segments.
Cities | |
Al Wakrah | |
Doha | |
Other Cities |
Qatar Condominium and Apartment Market Size Summary
The Qatar condominium and apartment market is experiencing a dynamic phase, driven by significant demand from foreign nationals and the impact of the recent FIFA World Cup. The market is characterized by a competitive and fragmented landscape, with key players such as Al Mana Real Estate, United Development Company, and Qatari Diar Real Estate Company actively participating. The hosting of the World Cup has led to a temporary increase in rental prices, particularly in areas close to stadiums, although the long-term effects on the residential real estate market remain complex and varied. The introduction of new foreign property ownership laws and the expansion of freehold zones have further stimulated demand, attracting international investors to specific projects like West Bay Lagoon and The Pearl.
As the market evolves, the residential leasing sector has seen a stabilization of rental levels after a prolonged decline, with recent increases attributed to the World Cup and easing COVID-19 restrictions. Despite a temporary spike in rental prices, there are indications that upward pressure may be easing as supply increases and demand stabilizes. The market's growth trajectory is supported by collaborations with international real estate consultancies, such as the partnership between the Investment Promotion Agency Qatar and Knight Frank, aimed at promoting Qatar's real estate industry to global investors. This strategic focus on attracting foreign investment is expected to continue shaping the market landscape in the coming years.
Qatar Condominium and Apartment Market Size - Table of Contents
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1. MARKET INSIGHTS AND DYNAMICS
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1.1 Market Overview
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1.1.1 Market Drivers
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1.1.2 Market Restraints
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1.1.3 Market Opportunities
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1.2 Value Chain / Supply Chain Analysis
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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1.4 Impact of Covid-19 on the Market
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2. MARKET SEGMENTATION
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2.1 Cities
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2.1.1 Al Wakrah
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2.1.2 Doha
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2.1.3 Other Cities
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Qatar Condominium and Apartment Market Size FAQs
What is the current Qatar Condominium and Apartment Market size?
The Qatar Condominium and Apartment Market is projected to register a CAGR of greater than 3.11% during the forecast period (2024-2029)
Who are the key players in Qatar Condominium and Apartment Market?
Ezdan Holding Group, Barwa Real Estate, Qatari Diar Real Estate Company, United Development Company and The Pearl are the major companies operating in the Qatar Condominium and Apartment Market.