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Qatar’s construction market to grow by 4.40% in 2024: Report

In Qatar, the residential real estate market experienced a boom due to the increase in foreign direct investments

Analysts in Qatar have observed an upward trajectory in the growth of the country’s construction industry. According to a recent report by Researches and Markets, the industry is expected to grow by 4.40% and reach QR133.5 million in 2024.

According to the report, Qatar’s medium- to long-term growth story “remains intact” despite the region’s mounting challenges. But the construction market will pick up steam in the upcoming four quarters as we approach 2025.

Experts predict that the momentum will continue to build in the coming years, with a compound annual growth rate (CAGR) of 4.4% from 2024 to 2028.

In the meantime, it is projected that Qatar will produce QR154.2 million worth of construction over the next four years.

The market intelligence report provided a clear picture of Qatar’s prospects in the industry of building and infrastructure construction, which is expected to experience increased demand.

The report goes on to say that the construction cost structure analysis by major areas of Qatar and the growth dynamics in building and infrastructure construction appear positive.

However, analysts note that there is a rising need for chances for investors to investigate emerging new projects in the nation.

Also, given the price value, volume, and number of units increased significantly in comparison to 2023, the residential construction outlook provides a sound market analysis with ongoing developments across the nations.

In the last iteration of the study, analysts projected that the residential construction market would generate USD 12.39 billion in 2024 and USD 21.39 billion by 2029, indicating a compound annual growth rate of 11.45% over that time.

Qatar has one of the fastest-growing economies in the region because of the important role that government regulations play in the industry, with a high GDP rate, a sizable population, and plenty of job opportunities.

After hosting a fantastic FIFA Word Cup in 2022, the nation is improving its industrial and infrastructure projects in accordance with the national strategy vision and Asian Games 2030.

In Qatar, the residential real estate market experienced a boom due to the increase in foreign direct investments.

Numerous reports mention that foreign investors and expatriates have made significant investments in various real estate projects, such as The Pearl and West Bay Lagoon.

Al Mana Real Estate, United Development Company, Qatari Diar Real Estate Company, Ezdan Holdings, and Barwa Real Estate Company are important real estate players in the market that support the improving sector and the Qatari economy.

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