Robust real estate sector | The Qatar Peninsula
THE ECONOMY Activities in Qatar have grown, driven by the recovery of the economy. The huge response to the recently concluded Build Your House (BYH) 2022 exhibition demonstrates increased activity in Qatar’s real estate sector.
The three-day expo stimulated more trade than previous editions with around 453 million QRs signed during the three-day event. This highly engaging event attracted 10,300 visitors over three days.
These are the Knowledge Sharing Conference and the Smart and Future Living Conference, which brought together more than 30 presentations from guest speakers from academic institutions, government entities, architectural associations and organizations. industry-leading companies.
With the successful hosting of previous editions, the exhibition has established a reputation as a key event for consultants, contractors and suppliers to the design and contracting industry to showcase their latest products and services to Qatari nationals looking to build and renovate homes fit for the future. It offers a platform that accelerates the work of the Government of Qatar to support its citizens in the development of areas and lands
This event also benefited from the strength of Qatar’s strong real estate sector. Although the pandemic has hampered the growth momentum of the global economy, Qatar’s real estate sector has delivered an impressive performance.
The real estate sector recorded transactions worth more than QR 25 billion in 2021 in 5,374 transactions which demonstrates the resilience of this sector. The number of real estate transactions increased by 5% in 2021 compared to 5,116 transactions in 2020. Qatar’s real estate sector is expected to see the addition of more than 15,000 residential units in the current year, according to a report published by Valustrat, a real estate consulting firm.
Nearly 4,800 residential units (including apartments and villas) were completed in 2021. The local real estate sector will benefit from the recovery of the economy. The Qatari economy reached a real growth rate of 2% in the fourth quarter of 2021 year-on-year. , according to data released by the Planning and Sta-tistics Authority yesterday.
Qatar’s economy is expected to experience a strong recovery this year. Qatar’s real GDP (gross domestic product) is expected to grow by 4.8% in 2022 and 4.9% in 2023, according to the latest Global Economic Prospects report released by the World Bank. Qatar’s economy is estimated to have grown by 3% in 2021.
Qatar is also expected to outperform regional growth as the region is expected to grow by 4.4% this year