Doha: Qatar’s real estate sector witnessed deals worth QR4.418bn in the first quarter (Q1) of the year. A total of 947 transactions were registered in the country, according to Ministry of Justice data.
The real estate transactions achieved the highest levels during February 2023 with a total value of QR2.040bn and compared to the first quarter of 2022, the number of real estate index increased. January 2023 recorded a decrease compared to the same period last year with a total value of QR1.141bn and also March of this year recorded a decrease compared to March 2022, with a total value of QR1.236bn.
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.
According to the official data, the real estate market index revealed during the first quarter of 2023, Doha Municipality followed by Al Rayyan Municipality and then Al Wakrah were the most active in terms of financial value, as the financial value of the transactions of the Doha Municipality reached QR1.835bn and Al Rayyan Municipality ranked second with a trading value of QR1.294bn. Al Wakrah Municipality comes in the third place, with the value of transactions amounting to QR477m.
The momentum of growth in the country’s real estate sector is likely to get stronger during the year with a rise in the demand for housing units, office spaces, hotel rooms.
The most active municipalities during Q1, 2023 in the number of properties sold were Al Rayyan Municipality with 25 percent, followed by Doha and Al Rayyan Municipality with 21 percenteach. While the municipalities that were the most active during the first quarter of 2022 in the number of properties sold were: Al Rayyan Municipality with 29 percent, followed by Doha Municipality and Al Daayen Municipality with 20 percent and 15 percent respectively.
Indicators show that the most active municipalities in the real estate trading during Q1, 2023 according to the area index were Al Rayyan Municipality with 32 percent followed by Al Wakrah Municipality with 23 percent and Doha Municipality with 19 percent of the total area of transactions.
Trading revealed the highest value of 10 properties for Q1, 2023 which recorded 7 properties in Doha Municipality and 2 properties in Al Rayyan Municipality and 1 property in Al Wakrah Municipality.
The trading movement in The Pearl and Al Qassar area witnessed an decrease in trading volume during Q1, 2023 compared to the first quarter of 2022, where the number of deals reached 130 deals for residential units with a total value of QR277m. While it reached 188 deals for residential units with a total value of QR336m during Q1, 2022.
