Qatar Luxury Residential Real Estate Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.37 Billion |
| Market Size (2029) | USD 1.85 Billion |
| CAGR (2024 - 2029) | 6.16 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Qatar Luxury Residential Real Estate Market Analysis
The Qatar Luxury Residential Real Estate Market size is estimated at USD 1.37 billion in 2024, and is expected to reach USD 1.85 billion by 2029, growing at a CAGR of 6.16% during the forecast period (2024-2029).
- The Qatari luxury residential real estate market is getting a significant boost from an increasing number of wealthy individuals who are seeking to own multiple homes and new portfolios. The luxury residential market Qatar witnessed a growth as a result of the impact of the COVID-19 pandemic, as many in the working class saw the need for better homes with access to facilities that encourage Work From Homes policies.
- Qatar’s property market is witnessing a significant demand for luxury properties from high net-worth individuals (HNWI), and Qatar boasts the 4th highest GDP per capita globally at approximately USD 69,000. As per industry experts, more than 35% of the HNWI prefer the residential sector as the best investment option in Qatar, followed by the office and retail sectors. In addition, Lusail emerged as a popular choice for luxury homes among HNWI. Also, Lusail’s average household budget is more than USD 1.8 million, and became favorite neighborhood for the wealthy individuals. Lusail Marina and Lusail Waterfront are preferred places for residential acquisition and more than 71% of HNWIs already own properties in those two areas.
- Furthermore, with the recent introduction of more liberal foreign property ownership rules, the end of the economic and political blockade against Qatar, as well as improving economic conditions, it is not surprising that Qatar’s luxurious housing market is now showing signs of growth. Qatar's expanding population, along with a strong demand base and high discretionary income levels, suggests that demand for luxurious homes and villas will likely continue to climb in the near future.
Qatar Luxury Residential Real Estate Market Trends
Increasing Supply of Luxury Residential Units in Qatar
There has been rapid growth in the number of towers, malls, gated communities, and luxury villas in the market. In June 2021, towers 6 and 7 were opened in the Viva Bahriya district. Moreover, towers 13 and 14 (Viva Bahriya) and tower 21 (Porto Arabia) were expected to open in 2022. Around 1,700 apartments and villas were added in Q2 2021, bringing the total stock to 294,700 units by the end of the quarter. The supply of apartments comprised 1,500 units from the delivered projects in The Pearl, Lusail, Fereej Bin Mahmoud, Old Ghanim, Fereej Abdul Aziz, Musheireb, and Al Dafna. In addition, the completion of villas and compounds in Al Kheesa, Al Wajba, Umm Salal Ali, and The Pearl added 200 new properties to the existing stock.
In Abraj Quartier, five luxurious residential towers are about to complete delivering more than 2,000 units in total. Homebuyers are also attracted to Lusail’s Marina District, as it plans to open the first tower, which may, in turn, favor the growth of the market in the coming years. In addition, in 2023, Gewan Island - a brand-new mixed-use development – is planned to open, which is located next to Pearl-Qatar Island. Once completed, the island will accommodate a total of 3,500 residents, welcome an additional 3,500 more daily visitors, and have a total of 657 residential units. This property offers its residents a high-end luxury style of living in Doha. This growth in the number of luxury properties in the country is indicative of the continuous growth of the market studied.
Residential Villa Rents have Stabilized in Qatar
Qatar’s rental market witnessed growth because of the hosting FIFA World Cup in 2022, which resulted in a temporary shortage of available accommodation in Qatar, leading the rents to spike throughout the market. Early 2023, experienced a slow return of rental rates to the market conditions of 2020 and 2021, with a significant increase in the number of apartments available to lease. In addition, apartment rentals started to return to normal along with incentives such as one-month rent-free periods. In 2022, the median monthly asking rent for villas was USD 2,857, down 1.2% quarter on quarter and 3.9% year on year. Rents for three-bedroom villas dropped the most in the quarter, by up to 2.8%. Rentals in Al Aziziya and Ain Khaled compounds fell by an estimated 3.3% from one quarter to the next. One, two, and three-bedroom apartments at The Pearl had average monthly asking rents of USD 2,117, USD 3,278, and USD 4,098, respectively.
The demand for villa rentals in Qatar remains high, although prices have come down because of the influx of new units. Prices in Abu Hamour and Ain Khaled and Al Thumama declined, while prices in regions like Al Messila and Al Soudan, where contemporary luxury units are available have risen. In places like Al Muntazah, Al Wakair, and Al Muraikh, landlords and owners are offering 'grace periods' and 'free months' incentives, which could be the reason for price stagnation. A rent-free period of up to 3 months was common in Al Wakrah, Lusail, and Doha in the areas of Al Sadd, The Pearl, Mushiereb, New Doha, etc. The rental level in Lusail is expected to increase over the next 12 months as more residents relocate to the new city and additional amenities are being delivered.
Qatar Luxury Residential Real Estate Industry Overview
The Qatar luxury residential real estate market is fragmented in nature with a presence of several players in the market. Some of the major players in the market are Al Mana Real Estate, Barwa Real Estate Group, Zukhrof Real Estate, Qatari Diar, etc. The merger and acquisition activity in Qatar is expected to increase in the coming years. The increase luxury residential real estate demand is likely to encourage more companies to enter the market.
Qatar Luxury Residential Real Estate Market Leaders
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Barwa Real Estate Group
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Alfardan Properties
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Qatari Diar
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Zukhrof Real Estate
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Al Mana Real Estate
*Disclaimer: Major Players sorted in no particular order
Qatar Luxury Residential Real Estate Market News
- May 2022: Leading luxury hospitality company Four Seasons Hotels and Resorts continues to expand its diverse offering of hotels, resorts and residences in the Middle East with the announcement of a new project in The Pearl-Qatar landmark development in Doha. The new property is in partnership with Q Bayraq Real Estate Investments, a specialized real estate investment development company focused on high-end projects in Qatar. 161 fully-furnished apartments will be available for short and long-term stays. In addition, 84 Private Residences will be available for purchase.
- October 2022: Dar Al Arkan Global, the leading real estate company in Saudi Arabia, officially launched the sales of Les Vagues residences by ELIE SAAB in Qetaifan Island North, Qatar, in collaboration with Qetaifan Projects, a leading Qatari real estate development company. Les Vagues by ELIE SAAB, valued at QAR 1 billion, sets new standards of luxury living in Doha with an architectural design that enhances the appeal of seafront living. This premium residential project in Qatar includes one, two, and three-bedroom apartments with terraces offering uninterrupted views of the sea, the marina, and the Doha skyline.
Qatar Luxury Residential Real EstateMarket Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
- 4.1 Market Overview
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4.2 Market Dynamics
- 4.2.1 Drivers
- 4.2.1.1 Increasing Number of High Net Worth Individuals (HNWIs)
- 4.2.2 Restraints
- 4.2.2.1 Fall in Demand and Rise in Supply Following the Construction Boom Linked to the FIFA World Cup
- 4.2.3 Opportunities
- 4.2.3.1 Residential Sector Emerging as the Top Investment Choice among HNWIs
- 4.3 Value Chain / Supply Chain Analysis
- 4.4 Industry Policies and Regulations
- 4.5 Technological Developments in the Sector
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4.6 Industry Attractiveness - Porter's Five Forces Analysis
- 4.6.1 Bargaining Power of Buyers/Consumers
- 4.6.2 Bargaining Power of Suppliers
- 4.6.3 Threat of New Entrants
- 4.6.4 Threat of Substitute Products
- 4.6.5 Intensity of Competitive Rivalry
- 4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Type
- 5.1.1 Apartments and Condominiums
- 5.1.2 Villas and Landed Houses
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5.2 By City
- 5.2.1 Doha
- 5.2.2 Al Wajbah
- 5.2.3 Al Wakrah
- 5.2.4 Other Cities
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 Abraj Bay
- 6.2.2 Qatar Building Company
- 6.2.3 Barwa Real Estate Group
- 6.2.4 Alfardan Properties
- 6.2.5 Professional Real Estate Co.
- 6.2.6 Al Mana Real Estate
- 6.2.7 Qatari Diar
- 6.2.8 Al Mouj Muscat
- 6.2.9 BetterHomes Qatar
- 6.2.10 Al Asmakh Real Estate
- 6.2.11 Mazaya Real Estate Development
- 6.2.12 Zukhrof Real Estate*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. APPENDIX
Qatar Luxury Residential Real Estate Industry Segmentation
Luxury residential real estate refers to properties that are exclusively designed for human occupation that provides charmed and resort life with high-end amenities. The report provides key insights into the Qatar luxury residential real estate market. It includes technological developments, trends, and initiatives taken by the government in this sector. Also, focuses on the market dynamics. Additionally, the competitive landscape of the Qatar residential real estate market is presented through the profiles of key players active in the market.
The Qatar luxury residential real estate market is segmented by type (apartments and condominiums, villas, and landed houses), and by key cities (Doha, Al Wajbah, Al Wakrah, and Other Cities). The report offers market size and forecasts for the Qatar luxury residential real estate market in value (USD) for all the above segments.
| By Type | Apartments and Condominiums |
| Villas and Landed Houses | |
| By City | Doha |
| Al Wajbah | |
| Al Wakrah | |
| Other Cities |
Qatar Luxury Residential Real EstateMarket Research FAQs
How big is the Qatar Luxury Residential Real Estate Market?
The Qatar Luxury Residential Real Estate Market size is expected to reach USD 1.37 billion in 2024 and grow at a CAGR of 6.16% to reach USD 1.85 billion by 2029.
What is the current Qatar Luxury Residential Real Estate Market size?
In 2024, the Qatar Luxury Residential Real Estate Market size is expected to reach USD 1.37 billion.
Who are the key players in Qatar Luxury Residential Real Estate Market?
Barwa Real Estate Group, Alfardan Properties, Qatari Diar, Zukhrof Real Estate and Al Mana Real Estate are the major companies operating in the Qatar Luxury Residential Real Estate Market.
What years does this Qatar Luxury Residential Real Estate Market cover, and what was the market size in 2023?
In 2023, the Qatar Luxury Residential Real Estate Market size was estimated at USD 1.29 billion. The report covers the Qatar Luxury Residential Real Estate Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Qatar Luxury Residential Real Estate Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Qatar Luxury Residential Real EstateIndustry Report
Statistics for the 2024 Qatar Luxury Residential Real Estate market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Qatar Luxury Residential Real Estate analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
