Doha becoming magnet for global wealth: Knight Frank
Doha is becoming a magnet for global wealth as Qatar's resilient economy, cross-sector opportunities and sovereign support put it on the radar of international realty investors, according to global property consultancy Knight Frank.
In its latest Doha Wealth Hub Series report, Knight Frank said Doha emerges as leading wealth destination as the country's global appeal increases.
The Qatari capital's rising prominence is grounded in robust economic fundamentals and long-term national planning. Since the introduction of the Qatar National Vision 2030 in 2018, the country has been supercharged by an estimated $330bn in infrastructure and real estate investment.
The recent launch of the government's Third National Development Strategy (2024-30) signals a clear intent to diversify the economy further, attract foreign direct investment and strengthen Qatar's global competitiveness.
Qatar offers residency to foreign nationals through its residency by investment programme, commonly known as the Qatar Golden Visa. To qualify for permanent residency, foreign investors must invest at least QR3.6mn in eligible real estate projects.
"The public sector generally drives demand in Qatar's office market and 2024 saw a surge in leases by government ministries and state-owned enterprises in prime business districts. In Doha, Qatar Airways is planning to relocate its headquarters to the new $5.5bn Msheireb Downtown this year, solidifying the area's reputation as a premium business hub,' said Adam Stewart, Partner, Head of Qatar, Knight Frank.
West Bay-Prime remains the most expensive office location, with monthly rents of QR105 per sq m, followed by Marina District (QR97 per sq m), which is attracting multinational firms from the finance, technology and professional services sectors.
Office growth is underpinned by Qatar's investment in world-class infrastructure, including the $36bn Doha Metro and $16bn Hamad International Airport, a global transit hub offering direct flights to more than 180 cities.
Faisal Durrani, Partner – Head of Research, Middle East and North Africa, said despite its rapid development, Doha maintains low traffic congestion levels relative to many other global hubs, with ongoing investments in public transportation and smart city solutions preserving this enviable status.
"These qualities, combined with its cultural vibrancy, economic ambition and liveability, reinforce Doha's growing status as a forward-looking global city," he added.
Highlighting that Qatar's economy continues to demonstrate resilience and stability, underpinned by strong fiscal fundamentals and ongoing diversification efforts; Knight Frank, quoting the International Monetary Fund, said in 2024, real GDP (gross domestic product) growth reached 2%, supported by solid performance in non-hydrocarbon sectors such as tourism, finance, construction and real estate.
© Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (Syndigate.info).
Santhosh V. Perumal
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