Doha emerges as leading wealth destination as Qatar’s global appeal increases

• Top office rents hit QAR 105 psm as landmark office projects attract multinational firms 
• Transformation driven by US$ 330bn in infrastructure and real estate investment since 2018 
• Third National Development Strategy attracting FDI and strengthening global competitiveness 

Doha | 4th May 2025: Doha is becoming a magnet for global wealth as Qatar’s resilient economy, cross-sector opportunities and forward-thinking government put it on the radar of international real estate investors, according to the latest Doha Wealth Hub Series report by global property consultancy Knight Frank. The report is the first of a three-par series looking at real estate markets in emerging wealth hubs in the GCC such as Riyadh and Jeddah. 

The Qatari capital’s rising prominence is grounded in robust economic fundamentals and long-term national planning. Since the introduction of the 2030 Qatar National Vision in 2018, the country has been supercharged by an estimated US$ 330bn in infrastructure and real estate investment. The recent launch of the government’s third National Development Strategy (2024-2030) signals a clear intent to diversify the economy further, attract foreign direct investment and strengthen Qatar’s global competitiveness. 

Adam Stewart, Partner, Head of Qatar, said: “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 US$ 5.5bn Msheireb Downtown this year, solidifying the area's reputation as a premium business hub.” 

West Bay-Prime remains the most expensive office location, with monthly rents of QAR 105 psm, followed by Marina District (QAR 97 psm), 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 US$ 36bn Doha Metro and US$ 16bn Hamad International Airport, a global transit hub offering direct flights to more than 180 cities. 

Faisal Durrani, Partner – Head of Research, MENA, 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.” 

RESIDENTIAL OPPORTUNITIES 

In the residential sector, prime locations continue to command and hold high values, supported by steady demand for premium homes from both domestic and regional buyers. 

The total value of residential sales in Qatar last year stood at US$ 3.2bn. Among villa locations, Abu Hamour recorded the highest prices at QAR 8,587 psm, followed by Al Thumama (QAR 7,500 psm) and Al Kheesa (QAR 7,000 psm). 

Apartment prices averaged QAR 12,625 psm in 2024, led by Qanat Quartier (QAR 13,977 psm) and The Waterfront (QAR 14,300 psm), reflecting strong demand for luxury waterfront living. The Marina District (QAR 13,600 psm) remains a prime location, attracting both investors and occupiers, while Porto Arabia and The Pearl Island (QAR 11,834 psm) offer more affordable options within The Pearl. 

Stewart said: “Doha continues to evolve as one of the Middle East’s most attractive urban centres, offering a compelling blend of safety, accessibility and affordability. Ranked among the safest cities globally, it provides residents with a strong sense of security and stability. The city’s relatively moderate cost of living compared to other international business hubs also adds to its appeal.” 

VISITOR APPEAL 

Qatar’s tourism sector grew by 31% to QAR 81.2bn (US$ 22.3bn) in 2023, representing 10.3% of total economic output. By 2034, this contribution is projected to increase to QAR 135.2bn (US$ 37.1bn), accounting for 12.8% of GDP. The World Travel & Tourism Council predicts international visitor spending will rise to QAR 116bn (US$ 31.9bn) by 2034. 

More than 1,000 new hotel rooms were added to the market in 2024, increasing the total supply to 38,100 keys, 60% of which comprised internationally branded rooms. By the end of 2027, quality room supply in Qatar is expected to reach 42,700 keys. Qatar has also improved its maritime infrastructure to welcome international cruise lines, and introduced visa-free entry for nationals from 88 countries. 

The total number of international visitors to Qatar was up by 25% year-on-year to 5.08 million in 2024, boosted by major events like Formula 1 and ATP tennis as well as cultural attractions and lifestyle destinations such as The Pearl and Lusail Boulevard. 

The retail sector too has played a significant role in driving economic growth. Shop Qatar, launched in 2017, is the country’s largest shopping festival and a key part of the government’s diversification efforts. Events like this have stimulated growth in the retail sector by boosting tourism and consumer spending. 

Amar Hussain, Associate Partner, said: “The country has added around 881,000 sqm of luxury retail space since 2011, helping to position the country as a major retail hub in the GCC. In fact, our research found that 79% of GCC nationals and GCC-based expats are keen to travel to Qatar purely for a shopping holiday.” 

A SUSTAINABLE FUTURE 

Guided by the Qatar National Vision 2030, the Qatari government has ramped up its efforts to ensure this economic transformation is sustainable by diversifying the local economy and reducing its reliance on hydrocarbons. 

Qatar currently has 115 LEED-certified projects, totalling 22.6 million sq ft. This positions Qatar among the leading nations outside America for schemes boasting the US Green Building Council certification. 

Doha’s Msheireb Downtown exemplifies this commitment, aiming to house one of the largest collections of LEED-certified buildings globally. In addition, Qatar has developed its own sustainability assessment system, the Global Sustainability Assessment System, designed specifically for the Gulf region’s climate and needs, under which it has achieved more than 1,400 certified buildings. 

Durrani, concluded: “Doha’s rising prominence on the global real estate scene is driven by more than just regional optimism. Qatar has undergone a remarkable economic transformation since the introduction of the 2030 Qatar National Vision and our latest research shows Doha evolving into a regional economic powerhouse. Its programme of sustainable projects and infrastructure investment is creating a strong ‘work, live, play’ offer that will enhance its appeal to investors and support its emergence as a global wealth hub.”