Doha: At the time when COVID-19 dented the performance of real estate markets around the world, Qatar's reality sector has come out of the pandemic with flying colours. The real estate sector saw deals worth over QR25bn in 2021 in 5,374 transactions. The number of real estate transactions was up by 5 percent in 2021 compared to 5,116 transactions 2020.
Among the different geographies, Doha municipality took the crown with the highest number of deals struck during the year. Real estate deals worth QR9.69bn were signed in Doha making it the highest value of deals in the municipalities in the country. Al Rayyan and Al Dhaayen emerged second and third with deal values reaching QR7.4bn and QR3.6bn, respectively. Al Wakrah municipality recorded deals worth QR2bn, Umm Slal saw deals worth QR1.7bn while in other municipalities, total deal value was less the QR1bn.
Qatar’s real estate sector managed to maintain growth momentum and attract investors during 2021, despite testing conditions created by COVID-19 pandemic. The first half of the year was more challenging than the second half as the graph of COVID-19 cases remain elated during the first year. The high vaccination rate brought relief in the market as the cases started declining during the second half of the year.
Rise in optimism translated into more transactions with September clocking deals worth around QR3bn - the highest volume of deals during the year.
January was the second busiest month of year as deals worth QR2.74bn were signed, according to the Ministry of Justice data. May, March and November also witnessed significant activity with deals signed worth QR2.69bn QR2.57 and QR2.1bn, respectively. However, the concerns related to Omicron cast its shadow and deal making plunged in the fag end of last year.
In December, deals worth QR1.3bn were signed, which was the lowest value of transactions in entire 2021. Going forward, the real estate sector is expected to witness surge in deal-making.
The cases of Omicron have shown a declining trend in the last month which will further boost the sentiments among investors. The economic activities will also gain momentum due to the upcoming FIFA World Cup Qatar 2022.
