Qatar records QR8.16bn real estate deals in H1 2024

The volume of real estate transactions in Qatar stood at QR8.16bn in the first six months of 2024, a top official of the Real Estate Regulatory Authority (Aqarat) announced Sunday.Aqarat president Khalid bin Ahmad al-Obaidli emphasised in a press conference that this milestone reflects the increasing strength and attractiveness of the country’s real estate sector.In a speech, al-Obaidli explained that the "unprecedented growth” witnessed by Qatar’s property sector was driven by several factors, including the QR2.6bn budget surplus achieved in the second quarter of the year, a 1.2% year-on-year increase in Q3 2023, and a 4% increase compared to the second quarter of last year.According to al-Obaidli, Qatar also topped the 2023 Global Peace Index (GPI) for the fifth consecutive year, indicating that all these factors contributed to the increase in the volume of real estate transactions during H1 2024.Al-Obaidli emphasised that the Aqarat’s responsibility "is to maintain this momentum, especially since this thriving sector is an essential element of the economic development scene in the country” and that the authority "seeks to further stimulate this vital sector by encouraging innovation and attracting investments, which lays the foundations for a sustainable and prosperous future.”"Aqarat’s vision is clear and revolves around the precise regulation of the sector and the application of the highest standards of governance, and ensuring that all transactions are based on integrity and transparency,” al-Obaidli further explained, noting that the regulations it has developed aim to protect the interests of all parties concerned while promoting sustainable growth in the long term.Al-Obaidli noted that Qatar’s position as a "prestigious global investment destination” is a "well-known fact,” adding that the country offers "unparalleled opportunities, world-class infrastructure, and a supportive business environment to attract more global investments.”Highlighting Sunday’s event was the signing of a memorandum of understanding (MoU) between al-Obaidli and Informa Tharawat vice president Chris Speller for the launching of the ‘Qatar Real Estate Forum’ and ‘Cityscape 2024’ slated from October 13 to 15 in Doha.Al-Obaidli lauded His Highness the Amir Sheikh Tamim bin Hamad al-Thani for prioritising Qatar’s real estate sector. He said this visionary approach has driven remarkable progress in recent years through strategic legislation and substantial infrastructure investments."These initiatives have provided a significant boost in the real estate sector’s contribution to Qatar’s economic growth and development. This MoU represents our commitment to fostering a more dynamic and transparent real estate market, further cementing Qatar’s status as a global investment destination. It is more than just a commercial agreement – it is an open invitation to investors worldwide to join us in shaping a future brimming with opportunities,” al-Obaidli added.Speller said, "Signing this MoU with Aqarat comes in response to the growing demand in Qatar’s real estate sector. Through this partnership, we aim to create a streamlined pathway for investors to capitalise on the lucrative investment opportunities within real estate projects. Qatar’s world-class infrastructure is not just a source of inspiration. It also elevates the country’s standing as a prime destination for investors.”The Qatar Real Estate Forum and Cityscape 2024 will bring together real estate experts and stakeholders from around the world, establishing it as a premier event for knowledge sharing, expertise exchange, and exploring future trajectories within the real estate sector, while showcasing various opportunities within this growing industry.Qatar’s real estate sector is a key pillar of the nation’s economic landscape, characterised by its sustained growth and promising future. Built on a foundation of economic stability and supported by an innovative regulatory framework, the sector has helped position the country as a premier destination for investors seeking reliable returns and long-term value creation.This aligns with the Third National Development Strategy 2024-2030, which aims to cultivate a world-class investment environment conducive to business growth and diversify the national economy.Ends