Qatar Real Estate Report Q4 2012

Published : August 2012
No. of Pages : 57

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The Qatar Real Estate report examines the Commercial Office, Retail, Industrial and Construction
segments throughout the country in the context of a robust economy and a construction industry laden
with optimistic supporting the expansion potential of the commercial real estate market.
With a focus on the principal cities of Doha, Al-Khor and Al-Wakra, the report covers the rental market
performance in terms of rates and yields over the past 18 months and examines how best to maximise
returns in the commercial real estate market, while minimising investment risk and exploring the impact
of the government fed construction boom on a market which is moving its way up the regional ranks.
Qatar’s office and retail segments are growing fast and present bullish medium-term prospects, despite
the fact that 2011 saw large falls in rental rates in these segments, particularly in Doha. Newly collected
data from H112 however has revealed that the market has bounced back from these minor price
corrections and that growth is once again on the cards.
The 2022 World Cup presents an obvious bonanza for the sector, although it stands to reason that much
growth will be organic Qatari demand, as flows of retail-minded tourists are more likely to be directed to
the UAE (primarily Dubai). Despite our in-country sources having limited information on vacancy rates,
it is clear that the current effect of hosting the 2022 World Cup is an increase in demand and an
improving construction pipeline.
Key Points
􀂃 BMI’s Q412 report includes newly collected real estate data covering market performance for
the first six months of 2012.
􀂃 Qatar''s short-term political risk profile remains among the most stable in the region. Despite
enjoying little in the way of democratic freedom, Qataris benefit from massive hydrocarbon
wealth which is spread generously across the country''s native population and enjoy the highest
per capita GDP in the world. A small population - and one without much inclination to protest
against the government – will keep the country insulated from large-scale public unrest in the
immediate term.
􀂃 Qatar is likely to continue its efforts at enhancing its international investment position over the
coming years. We are forecasting a current account surplus of 34.4% of GDP in 2012 and, in
spite of our expectation of moderating global energy prices, forecast an average surplus of
27.0% of GDP in the period 2012-2015, facilitating further outflows of capital from the small
Gulf state.
Qatar Real Estate Report Q4 2012
© Business Monitor International Ltd Page 6
􀂃 We forecast real GDP growth to come in at 7.8% in 2012 and 7.3% in 2013, compared with our
previous forecast of 7.9% and 6.9% for 2012 and 2013 respectively.
􀂃 As a result of larger-than-expected wage increases, coupled with our view that deflation in the
housing market will ease, we forecast average inflation of 2.9% and 4.1% in 2012 and 2013
respectively, compared with an estimated 1.9% in 2011. That said, as oversupply in the housing
market is set to moderate more slowly than we previously expected, we have lowered our
forecasts for consumer price inflation, from 3.8% in 2012 and 4.3% in 2013 previously.

Executive Summary . 5
SWOT Analysis . 7
Qatar Real Estate/Construction SWOT . 7
Qatar Political SWOT 8
Qatar Economic SWOT 9
Qatar Business Environment SWOT 9
Real Estate Market Overview 10
Market Analysis – Office 15
Rents And Yields 15
Table: Historic Rents – 201(QAR per m2/month)-2012 15
Table:. Net Yield, 2011-2013(%) 15
Table: Terms of Rental Contract/ Leases - H112 . 16
Supply And Demand 16
Industry Forecast Scenario 17
Table: Forecast Rents - QAR/ Square Metre/ Month . 17
Table: Forecast Net Yield, 2008-2016 (%) 17
Market Analysis – Retail 18
Rents And Yields 18
Table: Historic Rents – 201(QAR per m2/month)-2012 18
Table: Net Yield, 2011-2013(%) . 18
Table: Terms of Rental Contract/ Leases - H112 . 19
Supply And Demand 19
Industry Forecast Scenario 20
Table: Forecast Rents - QAR/ Square Metre/ Month . 20
Table: Forecast Net Yield, 2008-2016 (%) 20
Market Analysis – Industrial 21
Rents And Yields 21
Table: Historic Rents – 201(QAR per m2/month)-2012 21
Table: Net Yield, 2011-2013(%) . 21
Table:. Terms of Rental Contract/ Leases - H112 22
Industry Forecast Scenario 23
Table: Forecast Rents - QAR/ Square Metre/ Month . 23
Table: Forecast Net Yield, 2008-2016 (%) 23
Forecast Scenarios 24
Infrastructure Report . 24
Table: Qatar Construction And Infrastructure Industry Data, 2008 - 2016 24
Table: Qatar Construction And Infrastructure Long Term Forecasts, 2013 - 2021 24
Construction And Infrastructure Forecast Scenario . 25
Macroeconomic Outlook . 27
Table: Qatar - Economic Activity 28
Real Estate Risk/Reward Ratings 29
Real Estate/Construction Risk/Reward Ratings . 29
Table: Middle East And North Africa Risk/Reward Ratings (%) . 29
Qatar’s Business Environment 29
Qatar Real Estate Report Q4 2012
© Business Monitor International Ltd Page 4
Table: BMI business and operation risk ratings 30
Institutions 30
Table: BMI Legal Framework Rating . 31
Infrastructure . 33
Market Orientation . 34
Table: Labour Force Quality . 35
Table: Middle East & Africa - Annual FDI Inflows 37
Table: Trade And Investment Ratings . 38
Table: Top Export Destinations 39
Operational Risk 40
Competitive Landscape 41
Company Profiles . 46
Barwa Real Estate 46
Qatari Diar Real Estate Investment 47
Ezdan Real Estate . 48
United Development Company . 49
Demographic Data 50
Table: Qatar''s Population By Age Group, 1990-2020 (''000) 51
Table: Qatar''s Population By Age Group, 1990-2020 (% of total) 52
Table: Qatar''s Key Population Ratios, 1990-2020 . 53
Table: Qatar''s Rural And Urban Population, 1990-2020 . 53
BMI Methodology . 54
How We Generate Our Industry Forecasts 54
Construction Industry 55
Bank Lending . 56
Sources 56Table: Historic Rents – (QAR per m/month)
Table: Net Yield (%)
Table: Terms of Rental Contract/ Leases H
Table: Forecast Rents QAR/ Square Metre/ Month
Table: Forecast Net Yield (%)
Table: Historic Rents – (QAR per m/month)
Table: Net Yield (%)
Table: Terms of Rental Contract/ Leases H
Table: Forecast Rents QAR/ Square Metre/ Month
Table: Forecast Net Yield (%)
Table: Historic Rents – (QAR per m/month)
Table: Net Yield (%)
Table: Terms of Rental Contract/ Leases H
Table: Forecast Rents QAR/ Square Metre/ Month
Table: Forecast Net Yield (%)
Table: Qatar Construction And Infrastructure Industry Data
Table: Qatar Construction And Infrastructure Long Term Forecasts
Table: Qatar Economic Activity
Table: Middle East And North Africa Risk/Reward Ratings (%)
Table: BMI business and operation risk ratings
Table: BMI Legal Framework Rating
Table: Labour Force Quality
Table: Middle East & Africa Annual FDI Inflows
Table: Trade And Investment Ratings
Table: Top Export Destinations
Table: Qatar''s Population By Age Group ('')
Table: Qatar''s Population By Age Group (% of total)
Table: Qatar''s Key Population Ratios
Table: Qatar''s Rural And Urban Population

Qatar Real Estate Report Q4 2012

Published By: Business Monitor International

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