The Peninsula Praises Development of Real Estate Sector in Qatar

Doha, April 01 (QNA) - The Peninsula said in its editorial today that the economic activities in Qatar have gained momentum boosted by the recovery in the economy. The huge response to the recently concluded Build Your House (BYH) Exhibition 2022 demonstrates surge in the activity in Qatars real estate sector. The three-day exhibition has stimulated more trade than previous editions with about QR453m deals signed during the three-day event. This highly engaging event saw a footfall of 10,300 visitors over the course of three days. The Peninsula added that with successful hosting of previous editions, the exhibition has established a reputation as the key event for consultants, contractors and suppliers in the design and contracting industry to present their latest products and services to Qatari nationals who seek to build and renovate houses that are fit for the future. This event has also benefitted from the strength of Qatars strong real estate sector. Although the pan-demic has dented the growth momentum of global economy, Qatars real estate sector has delivered an impressive performance. The real estate sector witnessed deals worth over QR25bn in 2021 in 5,374 trans-actions which demonstrate the resilience of this sector, said the newspaper. The number of real estate transactions was up by 5 percent in 2021 compared to 5,116 transactions 2020. The Peninsula pointed out that Qatari economy achieved a real growth rate of 2 percent in the fourth quarter of 2021 year-on-year, according to data issued by the Planning and Statistics Authority, yesterday. Qatars economy is expected to witness a robust recovery this year. Qatars real GDP (Gross Domestic Product) is expected to grow by 4.8 percent in 2022 and 4.9 percent in 2023, as per the latest Global Economic Prospects report released by the World Bank. The economy of Qatar is estimated to have grown by 3 percent in 2021. Qatar is expected to outperform regional growth also as the region is likely to grow at 4.4 percent this year. (QNA)