|■ 英語タイトル：Qatar Residential Real Estate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
|■ 発行会社/調査会社：Mordor Intelligence|
Qatar’s residential real estate market is expected to grow at a compound annual growth rate of 13% during the forecast period. Qatar is one of the most vibrant economies in Middle-East. The high GDP growth and influx of population, supported by employment opportunities and government policies are some of the factors driving the growth of the residential real estate sector in the country.
COVID-19 has negatively impacted the Qatar residential real estate market. Many residential projects were delayed or canceled due to the COVID-19. The potential market for residential units has been further expanded by Law No. 16 of 2018, which was implemented in 2019. Earlier, non-Qatari investors had temporary holding rights; however, the law allows non-Qatari investors to purchase apartments in Lusail, West Bay, and Onaiza on a freehold title. Residential supply continues to increase throughout the market, with the completion of new apartment buildings and villa compounds. A relative slowdown in the new demand witnessed a continued decline in the residential rents in most areas.
Qatar’s real estate sector is set to stage a strong recovery this year with addition of more residential units. Around 8,200 residential units are expected to enter market in 2021, offering more choices to homebuyers. A major portion of the new supply will go to Lusail, The Pearl-Qatar and West Bay. Residential supply for 2021 is estimated at 8,200 units. Approximately 80 percent of the upcoming supply is concentrated in Lusail, The Pearl and West Bay. At the end of 2020, the residential stock stood at 303,015 units with the addition of 530 units during the last quarter. The value of residential deals signed during December 2020 surged around 128 percent compared to November 2020.
Key Market Trends
Qatar’s Housing Market is Gradually Improving
Qatar’s housing market remains weak, as it continues to be adversely affected by the economic and financial fallout from the ongoing COVID-19 pandemic. Supply continues to rise despite plunging demand, resulting in falling residential property prices. Qatar’s housing market is expected to continue to struggle during the remainder of the year, as the COVID-19 pandemic is aggravating the crisis in the region.
In Q2 2020, transaction volumes for residential houses fell by 26.2% from a year earlier. The total value of residential transactions stood at USD 714.1 million in H1 2020. At The Pearl-Qatar and West Bay Lagoon, residential purchases dropped 20% in H1 2020 from a year earlier. In the first half of 2020, about 2,250 apartments and 700 villas were added to the market, bringing the total stock to 300,550 units. About 2,000 residential units were completed in The Pearl, Lusail, and West Bay.
Residential Rents Continue to fall in Qatar
In Q2 2020, the residential median asking rent in Qatar dropped 2.2% from the previous quarter and by 5.2% from a year earlier. Over the past two years, rents have already fallen by a cumulative 14%. Prime locations such as Al Sadd, The Pearl, and West Bay saw the biggest rent declines. About 59% of all occupied housing units in Qatar are rented. The average person in Qatar spends more than a third of its annual income on rent. Gross rental yields for residential properties in Qatar range from 4.6% for villas to 6.2% for apartments in H1 2020.
For apartments, the median monthly asking rent was USD 1802, down by 2.6% as compared to Q1 2020 and 5.4% as compared to the last year. For villas, the median monthly asking rent was USD 2991, down by 0.5% compared to Q1 2020 and 3.7% as compared to the last year.
There is huge competition between the residential real estate companies in Qatar. The market is dominated by a few players. The sales proportion of residential real estate properties through online channels has consistently grown, owing to the rising internet penetration, growing demand, increasing personal disposable incomes, surging middle-class youth population, and opportunities offered by government infrastructure investments.
Foreign investment in Qatar’s residential real estate market is estimated to increase in the coming years, as non-Qataris may invest in selected real estate projects, such as the West Bay Lagoon and The Pearl. Major real estate players in the market are Al Mana Real Estate, United Development Company, Qatari Diar Real Estate Company, Ezdan Holdings, and Barwa Real Estate Company.
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1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Current Economic Scenario and Consumer Sentiment
4.2 Residential Real Estate Buying Trends – Socioeconomic and Demographic Insights
4.3 Government Initiatives and Regulatory Aspects Pertaining to the Residential Real Estate Sector
4.4 Insights into the Size of Real Estate Lending and Loan-to-value Trends
4.5 Insights into the Interest Rates for the General Economy and Real Estate Lending
4.6 Insights into the Rental Yields in the Residential Real Estate Sector
4.7 Insights into the Capital Market Penetration and REIT Presence in the Residential Real Estate Sector
4.8 Insights into the Support Provided by the Government and Public-Private Partnerships for Affordable Housing
4.9 Insights into the Tech and Startups Active in the Real Estate Sector (Broking, Social Media, Facility Management, and Property Management)
4.10 Impact of COVID-19 on the Market
5 MARKET DYNAMICS
5.4 Porter’s Five Forces Analysis
5.4.1 Bargaining Power of Suppliers
5.4.2 Bargaining Power of Consumers / Buyers
5.4.3 Threat of New Entrants
5.4.4 Threat of Substitute Products
5.4.5 Intensity of Competitive Rivalry
6 MARKET SEGMENTATION
6.1 By Type
6.1.3 Other Types
6.2 By Key Cities
6.2.2 Al Wakrah
6.2.3 Al Rayyan
6.2.4 Umm Salal Muhammad
7 COMPETITIVE LANDSCAPE
7.2 Company Profiles
7.2.1 Al Mana Real Estate
7.2.2 United Development Company
7.2.3 Qatari Diar Real Estate Company
7.2.4 Ezdan Holding Group
7.2.5 Barwa Real Estate Group
7.2.6 Hantawi Group
7.2.7 Sahara Group
7.2.8 Retaj Real Estate
7.2.9 Al Asmakh Real Estate
7.2.10 MD Properties
7.2.11 Al Mal Holdings
7.2.12 Colliers International*
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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9.1 Marcroeconomic Indicators (GDP breakdown by sector, Contribution of construction to economy, etc.)
9.2 Key Production, Consumption,Exports & import statistics of construction Materials