Qatar is seeing an uptick in real estate demand in view of the lifting of blockade, positive regulatory changes, possibility of organised real estate concepts such as REITs, KPMG has said in a report.
‘With more opportunities in the market and increased inflow of white-collared workforce, there can be a positive upturn in the demand for residential housing over the next short to middle term, providing a much-needed fillip to the sector, KPMG noted.
Qatar is also experiencing increased real estate transactions. During the last six months, the value of real estate deals exceeded QR15bn, which is quite encouraging.
Projects such as The Qetaifan Island and Lusail Seef are attracting considerable interest from buyers as well as investors, KPMG noted.
Moreover, with Qatar opening its property market to foreigners and rewarding buyers with permanent residency, Qatar residential market will witness a movement from a rental based real estate to a capital (sales) based economy.
The year 2020 was all about remote working. Work from Home (WFH) concept has changed the way business is done today. While many corporates can be seen adopting and getting comfortable with this concept, KPMG believes the dynamic/hybrid workplace model will become a new normal even post pandemic.
With greater emphasis on flexibility and safety, the office of the future will promote health benefits to the employees and provide opportunity for new ways of collaborating and building relationships.
Globally, the concept of co-working spaces is growing and many companies are focusing on curtailing their real estate requirements by incorporating the flexible approach.
In Qatar, co-working spaces providers such as Servcorp, Regus, and Workinton are reimagining the workspace of the future by providing employers with flexibility in terms of space and geography.
‘These companies are promoting ‘less-densified office spaces with ‘professional distancing that are strategically located to help employees get back to work safely and quickly.
In KPMG’s opinion, professional services firms, start-ups, small businesses, e-commerce and tech-companies will be huge beneficiaries of this new normal, said Anurag Gupta, KPMG Director, Strategy and Real Estate Advisory.
On the road ahead, Gupta noted,
‘While we have looked into the likely changes in the real estate landscape and identified the key trends for the year ahead, we believe, Qatar is still in the process of identifying a strategy that will have a profound and lasting implications on real estate investment and development. However, Qatar must continue to enhance its strong economic fundamentals that will help sustain growth over the long term. With confidence returning to the market and the industry undergoing a series of fundamental shifts, it is likely that the political stability and unity in the region will remain Qatar’s biggest growth driver, and Qatar real estate will emerge a key beneficiary.
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