Wealthy buyers to spend $1m on Qatar Real Estate in 2023
The demand for luxury properties in Qatar has experienced a surge, driven primarily by domestic buyers. Qatar boasts the 4th highest GDP per capita globally at approximately $69,000 (Circa £55,360)
The demand for luxury properties in Qatar has experienced a surge, driven primarily by domestic buyers. Qatar boasts the 4th highest GDP per capita globally at approximately $69,000 (Circa £55,360).
According to a recent survey, 37% of HNWIs indicated a preference, the residential sector was identified as the best investment option. 33% of those preferred the office sector, and 23% preferred the retail sector.
HNWI Real Estate Sector Preferences
Residential - 37%
Office - 33%
Retail - 23%
Industrial Warehousing - 17%
Branded Residences - 17%
Hospitality - 3%
Huge Growth from the 2022 World Cup
The country's $229 billion infrastructure expenditure in the run-up to the 2022 World Cup is the cause of the huge growth in the residential sector.
The final result has been a 60% increase in population and the creation of 850,000 jobs during the past 10 years. Naturally, demand for residential real estate has increased concurrently. Rents have increased by 20–25% over the past year, therefore it is not surprising that yields have increased to about 6.4% for apartments and 4% for villas, making residential real estate a desirable investment for the nation's HNWI.
Real Estate in Qatar is being redefined by the Lusail development
A sustainable community in Qatar called Lusail has become a popular choice for HNWIs looking to invest in real estate.
Investors are interested in it because of its proximity to Doha and the availability of several leisure and recreational facilities. Lusail's appeal keeps expanding with the completion of 25,000 residential structures, including high-rise skyscrapers and solitary family houses.
With an average household budget of $1.8 million, Lusail has emerged as the favoured neighbourhood for the wealthy. The top two favourite areas for residential acquisitions in Lusail are the Lusail Marina and Lusail Waterfront, with almost 71% of HNWIs already owning properties there.
The paucity of inexpensive housing options in Qatar's residential sector, despite the expansion of upscale complexes, may conceal the genuine level of demand.
The construction of Lusail marks a momentous shift in Qatar's real estate market. It makes sense that it is catching the attention of the wealthiest in the nation with its impressive infrastructure, sustainable lifestyle, and luxurious services.
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