Market Trends of Qatar Facade Industry
This section covers the major market trends shaping the Qatar Facade Market according to our research experts:
Construction Industry to Drive the Market Growth
Qatar's construction industry has a very good future as the industry is poised to grow rapidly in the coming years with the inflow of foreign direct investments into mega construction projects across the country. The construction industry has grown leaps and bounds in the past years have received a turbo boost from the World Cup which will certainly pay rich dividends to the industry in 2023. A vibrant economy is a plus factor for the construction industry in any country and this would result in a boom in Qatar's construction industry during the current decade backed by the 'State's 2030 Vision' and the policy direction of the government.
The economy is projected to grow 4.5% and 4.4% in 2023 and 2024, according to a World Bank forecast. The hosting of a successful world cup rebuffed claims of critics and skeptics and proved to the world that Qatar has all the trappings to host an event of any magnitude. Regional and global sporting events lined up for 2023 and beyond will be tailwinds for the construction industry with the need for accommodation and sporting facilities. The road network and transportation infrastructure such as the metro and the bus service are due to the future plans and vision for the state. Construction projects in Lusail and in many other iconic locations will be carried out transforming their landscape. This growth of construction industry will facilitate the Qatar facade market growth by boosting the demand in the market.
Advanced technology and sustainability demand is driving the market
In Qatar's technologically advanced economy, the rise of prop-tech is imminent. Qatar's real estate market is at the cutting edge of technological advancement. Amid the pandemic, real estate developers have fully immersed themselves in VR property viewing and hybrid work. Local property developers hope to create innovative property architecture and apps for homeowners and tenants in the future. In addition, the real estate data landscape is changing. Finally, to increase efficiency in the real estate sector. Diversification of the economy is also well underway through other digital transformations, such as the integration of futuristic internet services and cutting-edge sports medicine facilities.
Qatar's real estate industry is on track to reduce its carbon footprint and pave the way for the country to have a greener future. The Doha Metro, Msheireb Downtown, and Lusail City are three of the country's most recent major projects that have incorporated Qatar's sustainability agenda into the core of their development plans, as evidenced by their emphasis on renewable energy solutions such as on-site energy generation, LED lighting systems, and carbon dioxide monitors. Qatar should continue to propel its Real Estate industry forward as a sustainably conscious, modern, and increasingly progressive market by focusing on reducing its carbon footprint, upholding its environmental well-being agenda, and implementing and updating its ESG standards in response to regional and global developments.
