Doha, Qatar: Qatar’s real estate sector witnessed deals worth QR4.375bn in the second quarter (Q2) of the year. A total of 795 transactions were registered in the country, according to Ministry of Justice data.
The real estate transactions achieved the highest levels during May 2023 with a total value of QR1.853bn and compared to the second quarter of 2022, the number of real estate index recorded increased. In April 2023 it recorded a decrease compared to the same period last year with a total value of QR947m and also April of this year recorded a decrease compared to June 2022, with a total value of QR1.574bn.
Qatar possesses one of the best infrastructures at the global level to achieve prosperity and sustainability for the population, and has taken a myriad of initiatives recently to develop the real estate sector, such as granting the non-Qataris the real estate freehold, in addition to establishing a real estate regulatory authority to promote and develop this vital sector, as the country continues to develop this sector in execution of the state policy within Qatar National Vision 2030.
According to the official data, the real estate market index revealed during the second quarter of 2023, Doha Municipality followed by Al Rayyan Municipality and then Al Dhaayen were the most active in terms of financial value, as the financial value of the transactions of the Doha Municipality reached QR1.719bn and Al Rayyan Municipality ranked second with a trading value of QR1.128bn. Al Dhaayen Municipality comes in the third place, with the value of transactions amounting to QR905m.
The most active municipalities during Q2, 2023 in the number of properties sold were Al Rayyan Municipality with 25 percent, followed by Al Dhaayen and Doha Municipality with 25 percent and 24 percent respectively. While the municipalities that were the most active during the second quarter of 2022 in the number of properties sold were: Doha Municipality with 28 percent, followed by Al Rayyan Municipality and Al Daayen Municipality with 26 percent and 18 percent respectively.
Indices show that the most active municipalities in the real estate trading during Q2, 2023 according to the area index were Al Rayyan Municipality with 33 percent followed by Doha Municipality with 23 percent and Al Dhaayen Municipality with 16 percent of the total area of transactions.
Trading revealed the highest value of 10 properties for Q2, 2023 which recorded 5 properties in Doha Municipality, 3 properties in Al Rayyan Municipality and 2 properties in Al Wakrah Municipality.
The tracking of the movement and volume of mortgage transactions were processed during Q2, 2023 that revealed that the municipality of Doha registered 6 of the top 10 mortgaged real estates, while the municipality of Al Daayen registered 2 mortgaged real estate, and the municipality of Al Wakrah and Al Rayyan registered 1 mortgaged real estate each.
The volume of mortgage transactions for the top 10 real estate reached 68 percent of the total value of the whole mortgage transactions that were processed during the second quarter of 2023.
The trading movement in The Pearl and Al Kassar area witnessed a decrease in trading volume during Q2, 2023 compared to the second quarter of 2022, where the number of deals reached 177 deals for residential units with a total value of QR353m. While the number of transaction for reached 175 deals for residential units with a total value of QR362m during Q2, 2022.
The real estate sector in Qatar evident by the strength of the Qatari economy, the wide scope of construction operations, and the completion of many economic diversification plans within Qatar National Vision 2030, makes it one of the fastest growing sectors to real estate brokerage, real estate registration, and ownership in addition to the laws attracting local and foreign capital.
