Qatari Banks' Real Estate Lending Grew 66% in a Decade

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Qatari banks are lending more to real estate than ever. But the story is not the same at every bank.

Across the listed banks, real estate exposure grew from QAR 134.6 billion in 2015 to QAR 224.0 billion in 2025, an increase of about 66%. The figures come from each bank’s audited financial statements, using the loans by economic sector disclosures.

The growth, however, was not evenly spread.

QNB is the largest real estate lender in absolute terms, at QAR 75.1 billion, yet it is the least concentrated, with real estate at just 7.1% of its loan book. Its scale is what pulls the sector average down to 13.4%.

At the other end, Doha Bank is now the most exposed at 31.3% of its book, followed by Qatar Islamic Bank at 30.6% and Dukhan Bank at 24.3%.

Not every bank expanded. Intl. Islamic Bank and The Commercial Bank were the only two to shrink their real estate books outright, by QAR 0.9 billion and QAR 0.8 billion.

One number needs context. Rayan’s real estate book appears to have grown from QAR 14.6 billion to QAR 24.0 billion. Most of that is consolidation: Al Khalij Commercial Bank merged into Masraf Al Rayan in November 2021, bringing QAR 8.0 billion with it. On a combined basis, the book grew just 6% in a decade.

For investors, concentration is a starting point rather than a verdict. A higher share of real estate is not automatically riskier. Collateral quality, loan-to-value levels, and provisioning all shape the actual risk picture.

The key takeaway is simple: growth in riyals is not the same as growth in risk. Where the lending sits matters as much as how much there is.

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