Qatar's real estate going through 'correction stage', industry leaders say

After the 2022 World Cup, corrections in the Qatar housing market have dropped prices.

Qatar’s current real estate industry status is recording a market correction phase, industry leaders said at the first Qatar Real Estate Forum on Monday.

Speaking at a panel discussing the country’s post-World Cup real estate sector, Nasser Al Ansari, Chairman and CEO of Just Real Estate, pointed to a market correction in all rental sectors of the property market in the country.

“It’s a correction stage, more than a recession. The responsibility is on the private sector,” Al Ansari stated in the forum.

The chairman pinned the blame towards dependency on the government by the private sector, saying that investments need to be offered outside the country.

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“We’re weak in promoting real estate; the private sector should not depend on the government. We need to be outside the country,” Al Ansari said as he illustrated his company is working with developers in Moscow.

Along with the other panelists on stage, Al Ansari claimed that hosting the World Cup had pushed the country to an advantageous market period.

Jassim Mohammed of Personnel Housing and Government Buildings Affairs noted that the apartments used to accommodate fans during the World Cup have been operating for governmental employees within the country.

“There has been a partnership with the government and the Supreme Committee, so the properties used for fans can be used for governmental employees,” Mohammed said, conveying that there has been a use for such properties.

While market corrections were expected after the country hosted the FIFA tournament, the key reason for Qatar’s economic survival is because of the World Cup, said Ahmad Mohammad Tayeb.

The Chief of Investments at Qatari Diar Real Estate Investment Company noted that it’s true the real estate industry isn’t thriving as anticipated, but a comeback can be expected.

“The real estate industry isn’t doing so well… but in a few years, it can come back better. If we look at the industry, we are not far from the world recession, but we have done better because of the World Cup,” Mohammad Tayeb said at the Qatar Real Estate Forum.