Qatar's real estate market is booming, becoming the country's second-fastest growing industry. With investments exceeding QAR82bn, the government has implemented a comprehensive framework to manage and develop this sector. In order to discuss the future of Qatar's real estate market with all stakeholders, the government organized the 'Qatar Real Estate Forum' from June 4 to 5.
A Platform for Growth and Collaboration
The forum was inaugurated by Qatar's Prime Minister and Minister of Foreign Affairs, Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani. It was conducted by the Ministry of Municipality, with support from the Ministry of Commerce and Industry, Ministry of Justice, Ministry of Finance, and Qatar Tourism. The event aimed to underscore the government's commitment to creating an optimal quality of life and a sustainable real estate industry through regulations and legislation.
Insights into the Future
One of the key sessions focused on future trends in the real estate sector. Qatar's Minister of Municipality, Dr. Abdullah bin Abdulaziz bin Turki Al-Subaie, shared his perspective and experiences with his counterparts from Kuwait and Oman. They discussed how to meet international standards and attract foreign investors.
Dr. Al-Subaie highlighted the importance of laws and legislation in streamlining the market, as well as the ministry's efforts to create a transparent business environment. Another session explored the future of real estate, where industry leaders discussed the latest trends and solutions for Qatar post the 2022 FIFA World Cup.
Governance and Digital Innovation
The forum also delved into topics such as real estate sector governance and digital innovation. Panel discussions provided insights into the role of governance in enhancing the investment climate, as well as the growing influence of technology in the built sector.
Leveraging the World Cup Legacy
Multiple panels focused on the legacy of the 2022 FIFA World Cup and its implications for the real estate industry. Industry experts agreed that the successful completion of the sporting event laid a solid foundation for Qatar as an international market. Private developers were encouraged to take the lead in further developing the sector and attracting foreign investors.
Journey Towards a Better Real Estate Industry
Other sessions addressed the needs and challenges of the market, including financing, legislative support, and creating smooth pipelines for international buyers. The fireside chat with Omar Hussain Alfardan, President and CEO of Alfardan Group, Qatar, shed light on funding policies and processes. Alfardan emphasized the importance of moving beyond traditional funding sources and developing Qatar's regulatory framework to manage the built infrastructure effectively.
Future Cities for a Better Quality of Life
The final session of the forum discussed the vision of future cities and their impact on residents' quality of life. Panelists explored concepts such as humanizing cities, green buildings, and the need for smart cities to prioritize livability. They also highlighted the importance of incorporating sustainable standards and conserving architectural heritage.
A Collaborative Platform for Industry Stakeholders
In addition to panel discussions, the forum hosted workshops on mortgage systems, real estate funding, investment, appraisal, and project management. With over 1500 attendees, the event facilitated a lively exchange of ideas, encouraged collaboration, and created new opportunities for partnerships within Qatar's real estate sector.
The Qatar Real Estate Forum 2023 provided valuable insights into the future of the country's real estate market. It emphasized the need for a strong legislative framework, transparent business practices, and internationally accepted standards to ensure sustainable growth. With its commitment to building for the future, Qatar is poised to become a thriving hub for real estate investments.