Market Trends of Qatar Manufactured Homes Industry
This section covers the major market trends shaping the Qatar Manufactured Homes Market according to our research experts:
Rising demand for housing units driving the market
Given the highly anticipated FIFA World Cup, the region's leading PropTech company revealed a significant 2.97% increase in demand for residential sales in September and October 2022. The increase in impressions and leads on properties for sale demonstrates growing investor and end-user interest at a time when Qatar's property market has recently emerged as a hotspot. Overall leads increased by 4.98%, while total impressions increased by 7.71%. When it comes to the rental market, some areas saw significant price increases while others saw significant price decreases. Al Hilal, for example, saw a rent decrease of 83.98%, while Salata saw a rent increase of 93.75%.
As a result of the renowned sporting events taking place in the country, investors and first-time property purchasers are now more confident in investing in the Qatari property market. The Ministry of Justice is also taking the necessary steps to make the market more transparent, which will soon pave the way for additional investments. The top five areas with the most residential rent listings are The Pearl, West Bay, Al Waab, Al Sadd, and West Bay Lagoon, making them prime areas for high traffic and the most sought-after World Cup locations.
Local property developers hope to create innovative property architecture and apps for homeowners and tenants in the future. In addition, the real estate data landscape is changing. Finally, to increase efficiency in the real estate sector. Diversification of the economy is also well underway through other digital transformations, such as the integration of futuristic internet services and cutting-edge sports medicine facilities. In the face of a global pandemic and falling oil prices, Qatar's real estate market has held firm. To adapt, Qatar has implemented several government incentives, including the relaxation of restrictions on non-Qatari property ownership.
Investment pouring in through VISION 2030 driving the market
As projects directly related to this global event are intended to promote post-tournament sustainability, hosting the World Cup can thus be viewed as a means of achieving Qatar's National Vision. Stadiums, a modern metro system, airport expansion, and the construction of new districts are all structural developments in non-energy sectors built to accommodate visitors during the tournament. After the World Cup, sustained growth in these sectors will be a top priority for Qatar. The QNV 2030 aims to diversify Qatar's economy, with the private sector playing a key role.
The National Development Strategy prepares Qatar for the tournament that every Qatari, Arab, and sports fan around the world is looking forward to by focusing on multiple sectors such as sports, infrastructure, healthcare, culture, and the environment. The country wants to expand its non-energy economy and become a regional business and tourism hub. Hosting the World Cup is a step toward realizing these goals, as the infrastructure built in preparation for the tournament was designed to improve transportation connectivity and expand the local business environment.
The country's economic diversification agenda has made progress. The contribution of the oil and gas sector to GDP has decreased, owing in part to large investments in universities, research centres, hospitals, Hamad Port, and Hamad International Airport, among other things. However, the transformative nature of such a large-scale sporting event extends beyond immediate economic effects, and the intangible nature of these benefits should be considered when considering its legacy. Qatar understands the significance of balancing its economic policies, which aim to diversify the national economy while strengthening its natural resources. In this context, Qatar has established a legislative framework to promote business development and attract investment.
