Qatar Manufactured Homes Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Qatar Manufactured Homes Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Qatar's Manufactured Homes Market is USD 463.2 million in the current year estimated to register a CAGR of over 6% during the forecast period.

• The market is driven by the huge demand of tourists and businessmen reaching the country due to several international events. Furthermore, the market is driven by diversifying the economy of the country to accommodate more foreign nationals.
• Qatar's construction industry is dedicated to meeting the growing demand for public services, and as such, it is looking for new ways to deliver infrastructure and real estate. This demand is being fueled by government funding and reimagined ecosystems that assist construction companies in finding mutually beneficial partnerships and shared investments that can help them reduce emissions faster. In recent years, there has been a significant push for sustainable practices in the Qatar construction sector, which has been incorporated into a number of large-scale state-owned construction projects. The industry as a whole has established new benchmarks and highlighted a few fundamental strategies that must be implemented more effectively. As investors and developers prioritize sustainability outcomes, it is critical for construction industry stakeholders to help align project teams with their sustainable and commercial agendas.
• Modular construction is still in its early stages in Qatar. However, multiple commercial modular projects have been completed in Qatar over the last five years, and the sustainability benefits are obvious. The benefits of modular construction are numerous; it consumes less energy, wastes fewer materials, and produces significantly lower transportation emissions. It necessitates far less rework as a result of more standardised and efficient processes. Property technology (PropTech) is an important tool that can supplement Qatar's vision of sustainability through real estate while also accelerating the industry's growth. It is an area that should be researched further. The real estate industry has a long history of being resistant to digital disruption, but this approach is no longer appropriate in an era when agility has become a key competency for industries around the world.
• Qatar has shifted its emphasis to diversifying its economy through localization and the creation of local attractions. Visa-free entry was granted to nationals of 88 countries, which, combined with the fact that Qatar is only a 6-hour flight away for 80% of the world's population, has contributed to Qatar's reputation as one of the world's most open countries. Qatar's emphasis on hospitality is at the forefront of the country's tourism expansion plans, particularly in the run-up to the FIFA-2022 World Cup. Several other events, such as the FIFA 2021 Arab Cup, the ExxonMobil Tennis Open, and a number of international exhibitions, such as Christian Dior's 'Designer of Dreams' exhibition and Jeff Koons' exhibition, have boosted the country's tourism industry.

Given the highly anticipated FIFA World Cup, the region's leading PropTech company revealed a significant 2.97% increase in demand for residential sales in September and October 2022. The increase in impressions and leads on properties for sale demonstrates growing investor and end-user interest at a time when Qatar's property market has recently emerged as a hotspot. Overall leads increased by 4.98%, while total impressions increased by 7.71%. When it comes to the rental market, some areas saw significant price increases while others saw significant price decreases. Al Hilal, for example, saw a rent decrease of 83.98%, while Salata saw a rent increase of 93.75%.

As a result of the renowned sporting events taking place in the country, investors and first-time property purchasers are now more confident in investing in the Qatari property market. The Ministry of Justice is also taking the necessary steps to make the market more transparent, which will soon pave the way for additional investments. The top five areas with the most residential rent listings are The Pearl, West Bay, Al Waab, Al Sadd, and West Bay Lagoon, making them prime areas for high traffic and the most sought-after World Cup locations.

Local property developers hope to create innovative property architecture and apps for homeowners and tenants in the future. In addition, the real estate data landscape is changing. Finally, to increase efficiency in the real estate sector. Diversification of the economy is also well underway through other digital transformations, such as the integration of futuristic internet services and cutting-edge sports medicine facilities. In the face of a global pandemic and falling oil prices, Qatar's real estate market has held firm. To adapt, Qatar has implemented several government incentives, including the relaxation of restrictions on non-Qatari property ownership.

As projects directly related to this global event are intended to promote post-tournament sustainability, hosting the World Cup can thus be viewed as a means of achieving Qatar's National Vision. Stadiums, a modern metro system, airport expansion, and the construction of new districts are all structural developments in non-energy sectors built to accommodate visitors during the tournament. After the World Cup, sustained growth in these sectors will be a top priority for Qatar. The QNV 2030 aims to diversify Qatar's economy, with the private sector playing a key role.

The National Development Strategy prepares Qatar for the tournament that every Qatari, Arab, and sports fan around the world is looking forward to by focusing on multiple sectors such as sports, infrastructure, healthcare, culture, and the environment. The country wants to expand its non-energy economy and become a regional business and tourism hub. Hosting the World Cup is a step toward realizing these goals, as the infrastructure built in preparation for the tournament was designed to improve transportation connectivity and expand the local business environment.

The country's economic diversification agenda has made progress. The contribution of the oil and gas sector to GDP has decreased, owing in part to large investments in universities, research centres, hospitals, Hamad Port, and Hamad International Airport, among other things. However, the transformative nature of such a large-scale sporting event extends beyond immediate economic effects, and the intangible nature of these benefits should be considered when considering its legacy. Qatar understands the significance of balancing its economic policies, which aim to diversify the national economy while strengthening its natural resources. In this context, Qatar has established a legislative framework to promote business development and attract investment.

The Qatar Manufactured Homes Market is fragmented with many local, regional and a few global players. Some of the major players in the market are Domopan, SHELTER Group, Qatar Speed House, Desert Line Group, TSSC Group and many more. The rise in demand is expected to create opportunities for players to grow in the market with help of advanced technology, providing luxury housing at affordable prices.

• The market estimate (ME) sheet in Excel format
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