Qatar Real Estate Forum 2023: Building for the Future

CEO Khai Intela
Qatar's real estate industry is booming, with investments surpassing QAR82bn and making it the second-fastest growing industry in the country, just behind hydrocarbons. In order to discuss the future of Qatar's real estate market and...

Qatar's real estate industry is booming, with investments surpassing QAR82bn and making it the second-fastest growing industry in the country, just behind hydrocarbons. In order to discuss the future of Qatar's real estate market and engage all stakeholders, the government organized the 'Qatar Real Estate Forum' held from June 4 to 5.

The forum, inaugurated by Qatar's Prime Minister and Minister of Foreign Affairs, Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, was conducted by the Ministry of Municipality and supported by the Ministry of Commerce and Industry, Ministry of Justice, Ministry of Finance, and Qatar Tourism. It aimed to shed light on 'Regulations and Legislation for an Optimal Quality of Life and a Sustainable Real Estate Industry.'

This event brought together key figures and leading industry names from across the Gulf Cooperation Council (GCC), including Saudi Arabia, the UAE, Oman, Kuwait, and Bahrain. Ministers and officers from these countries shared their perspectives on growing and managing their respective real estate industries.

What Does the Future Hold?

One of the sessions focused on 'Future trends in the real estate sector,' where Qatar's Minister of Municipality, Dr. Abdullah bin Abdulaziz bin Turki Al-Subaie, discussed the regional perspective alongside his peers from Kuwait and Oman. They provided insights into developing a market that meets international standards and attracts foreign investors. Dr. Al-Subaie emphasized the role of laws and legislation in streamlining the market and creating a transparent business environment.

Abdullah bin Hamad Al-Attiyah, CEO of Qatari Diar Real Estate Company, discussed the latest built environment trends in a session titled 'Exploring the future of real estate.' He offered his perspective on what the future holds for Qatar after the completion of the 2022 FIFA World Cup.

Another important panel focused on 'Real estate sector governance,' which was relevant for existing and future investors in Qatar's real estate market. Panellists from across the GCC discussed the issuance of legislation, the relationship between private sector developers and government authorities, and the role of governance in enhancing the investment climate.

Image: Supplied Image: Supplied

The forum also explored the growing role of technology in the real estate industry in a session titled 'Digital innovation for a sustainable real estate industry.' Panelists discussed the impact of technology on products, investments, and customer service in the built sector.

Qatar's World Cup Legacy

Several panels focused on the legacy of the 2022 FIFA World Cup and its implications for the real estate industry. The panel titled 'The post-World Cup real estate sector' featured experts who highlighted the benefits Qatar has gained from successfully hosting the event. They emphasized the importance of private developers taking the lead in further developing the sector and attracting foreign investors.

Discussions also revolved around managing the developments commissioned by the government, ensuring a great legacy for Qatar's real estate sector. The panelists recognized Qatar's real estate market for its state-of-the-art healthcare, universities, schools, and tourism attractions, which make it attractive to international investors.

Qatari Diar's Lusail Project was also hailed as a significant contribution to the World Cup's success. Opportunities for private sector investment before and after the World Cup were highlighted, with an emphasis on tourism projects and the rental of housing units as support for real estate investors.

The forum provided a platform to discuss the market needs that could dominate Qatar's real estate industry in panels such as 'The real estate investor's journey - reality versus hope.' Participants candidly addressed issues such as service charges, financing challenges, and legislative support needed to attract international buyers. The discussion also explored the current capacity of the real estate market and its potential for further development, taking inspiration from international markets like China, Singapore, and Europe.

Future Cities for a Better Quality of Life

The forum's final session focused on 'Future cities for a better life quality.' The panelists delved into topics such as humanizing cities, green buildings, smart cities, and architectural designs that align with nature. They emphasized the importance of sustainable structures and livable smart cities that enhance the overall experience for residents.

A Market for Everyone

In addition to panel discussions, the forum hosted workshops on various topics related to real estate, including mortgage systems and funding, real estate investment, appraisal, project management, and facilities management programs. The first edition of the Qatar Real Estate Forum concluded with over 1500 attendees, fostering an exchange of ideas and creating opportunities for partnership and collaboration among industry stakeholders.

Overall, the forum emphasized the need for a strong legislative framework, transparent business practices, and internationally accepted standards in Qatar's real estate sector. With an optimistic outlook on the future, Qatar aims to develop its real estate market, attract foreign investors, and create sustainable, livable cities that offer a better quality of life for its residents.