Residential sector optimistic to grow by 11.5 percent – The Peninsula

Residential sector optimistic to grow by 11.5 percent – The Peninsula

Qatar’s residential market shows a buoyant growth of 11.5 percent at a compound annual growth rate (CAGR) in the years to come. The report by Mordor intelligence reveals that the increasing projects in the residential real estate industry are upbeat on revitalising the country’s economy.

Albeit a lot of restrictions due to the pandemic affected the market in the previous years, 2023 is witnessing vital progress in its projects and is expected to prosper in the same way over the next five years.

“Qatar’s economy is one of the thrivings in the Middle East. High GDP growth and population influx, aided by job opportunities and government legislation, are some of the drivers propelling the country’s residential real estate market forward,” it said. On one hand, when it’s the global investments that drive the economy, on the other, it is the citizens of Qatar. A major propelling factor that boosts the market is construction, while the citizens in the country opt to choose and invest in luxurious residential estates.

The report stated that “The high net worth of the ordinary Qatari inhabitant, both local and expatriate, considerably impacts the construction industry, increasing the demand for luxury and well-organized residential areas.” This shapes-up the economy-boosting