After witnessing a lull in action in the first two months of the year, Qatar’s real estate sector has made an impressive comeback in March.
The value of deals and number of deals have witnessed significant growth in March compared to February.
Qatar’s real estate sector witnessed deals worth QR2.57bn in March compared to QR1.77bn in February this year, recording a surge of around 45 percent, according to the Real Estate Bulletin released yesterday by the Ministry of Justice.
Total 649 real estate transactions were registered last month, compared to 509 transactions in February, showing a rise of around 28 percent. According to the Real Estate Bulletin, Doha Municipality came at the top in terms of the value of deals, followed by Al Wakrah Municipality and Al Rayyan Municipality.
The value of deals in Doha Municipality reached QR928.3m while for Al Wakrah, deal value reached QR621 during March.
The value of deals in Al Rayyan Municipality was QR378.9m in March. Of the top 10 most expensive deals in terms of value, six real estate deals were registered in Doha Municipality while four large value deals were recorded in Al Wakrah Municipality.
Despite the challenges created by the spread of COVID-19, country’s real estate sector has demonstrated resilience. The real estate sector of Qatar had ended the year on an impressive note as the value of deals signed during December surged around 128 percent compared to November 2020. Total deals worth over QR5.43bn were registered while 486 properties exchanged hands during December.
One of the main highlights of 2020 was further opening of real estate sector by allowing foreigners to own real estate in more areas in the country. The move boosted the sentiments of the stakeholders in real estate sector. With this move, the sector has become more accessible to a wider pool of investors. When it comes to the number of deals done in March 2021, Al Wakrah Municipality came at the top as it registered 173 transactions.
Al Dhaayen Municipality witnessed 19 transactions while Doha Municipality registered 125 transactions. The number of mortgage transactions that took place during the month reached 98, with a total value of QR2.7bn.
Al Rayyan municipality registered the highest number of mortgage transactions with 28 transactions, equivalent to 28.6 percent of the total number of mortgaged real estate, followed by Doha municipality with 25 transactions, equivalent to 25.5 percent of the total number of mortgaged real estate
