Real estate deals worth QR1.33bn were signed during December last year. Total 340 real estate transactions were recorded in the last month of previous year, as per the Ministry of Justice data.
Al Rayyan municipality was the most active in terms of number and value of transactions. Deals worth over QR516.1m were signed in 94 transactions during last month.
Doha Municipality was the second in the tally as it recorded transactions worth QR234m in 53 deals. Al Dhaayen municipality registered deals worth QR207m in total 61 transactions in December. Of the top 10 most expensive properties sold during the month, four were in Al Rayyan municipality while two were in Al Wakrah municipality.
Qatar’s real estate sector witnessed deals worth QR6.5bn in the third quarter of last year. The real estate market has remained firm during third quarter of this year which is visible from monthly trend. In September, real estate deals worth QR3bn were signed while in August deals worth QR1.74bn were signed. Properties worth QR1.76bn were sold during.
There was marginal addition of 700 residential units during the third quarter of 2021, with total housing stock of 307,215 units. Office stock amounted to 5.6 million sq m gross leasable area with no addition to supply during the quarter.
Qatar’s real estate sector is expected to remain buoyant next year with the addition of more residential houses to the existing stock residential units. Around 13,500 residential units are projected to be added during next year, said a report released by real estate consultancy firm Valustrat.
The real estate sector will benefit from the ongoing strong recovery in the economy and the growth is expected to continue going forward. Various international financial organisations have forecasted Qatar’s real GDP to grow above 3.5 percent in 2022. Qatar is expected to see its economy grow 4 percent, as per International Monetary Fund (IMF).
Significant increases in gas production, and tourist receipts during FIFA World Cup Qatar 2022 will be the main drivers of growth. Around 1.5 million fans are expected to attend the World Cup 2022.
The demand for office spaces in Qatar is likely to see a strong recovery that will help in stablising office rents. The office market in Qatar went through a rough patch during last year. During the first half of the year, the demand for office space was less than expected due to the impact of COVID-19 outbreak.
The recovery in demand gained momentum from the second half of the year as coronavirus cases declined significantly that led pick-up in economic activity and boosted demand from the companies for new office spaces.
New demand for office space has been dominated by companies working in financial & insurance activities, administrative & support services and arts, entertainment & recreation.
