According to Trade Arabia, a news source, the Qatar construction sector is poised to grow by 17.6% YOY in 2009, as “gas revenues continue to provide the country with ample funds to re-invest into infrastructure development and construction projects.”
A byproduct of this trend will be a “spillover” into the country’s real estate market, which contributes roughly 10% to Qatar’s GDP, theorizes Muteab Al-Sa’aq, chairman of Trance Continent, a trade-show organization.
In addition to housing units and public installations, Qatar has also seen growth in office space market due to increased demand among global oil and gas companies, the banking and financial services sector, and government ministries and agencies, [Al-Sa’aq] pointed out. Growing tourism has also prompted Qatar to invest in the development of hotels and resorts, with figures released by the Qatar Tourism and Exhibitions Authority (QTEA) estimating a total investment of $17 billion into tourism infrastructure to support the anticipated 400 per cent rise in hotel capacity by 2012. Al Saaq said brand new residential towers were being delivered in and around Doha, with projections of 9,000 new apartments to be available by 2010, while 80,000 new hotel rooms will be finished by 2016. Development at this astounding pace is precedent to the potential of Qatar’s property market despite the challenge of the present economic slowdown. As correction envelopes the region’s real estate sector, “we are expecting Qatar to lead the way as the centre of development for major industries in the Middle East,” he added.