Doha: Qatar’s real estate sector witnessed deals worth QR6.37bn in the second quarter (Q2) of the year. A total of 1,203 transactions were registered in the country, according to Ministry of Justice data.
The real estate transactions achieved its highest levels during June 2022 with a total value of QR2.83bn and compared to the second quarter of 2021, the number of real estate index increased. While May 2022 recorded a decrease compared to May 2021 with a total value of QR1.35bn. Whereas, April of this year recorded an increase compared to April 2021, with a total value of QR2.18bn.
According to the data, the real estate market index revealed during the second quarter of 2022, Doha Municipality followed by Al Rayyan Municipality and then Al Daayen were the most active in terms of financial value, as the financial value of the transactions of the Doha Municipality reached QR2.85bn and Al Rayyan Municipality ranked second with a trading value of 1.86bn. Al Daayen Municipality comes in the third place, with the value of transactions amounting to QR831m.
The most active municipalities during Q2, 2022 in the number of properties sold were Doha Municipality with 28 percent, followed by Al Rayyan Municipality with 26 percent, and then Al Daayen Municipality with 18 percent. While the municipalities that were the most active during the second quarter of 2021 in the number of properties sold were: Al Daayen Municipality with 26 percent, followed by Doha Municipality and Al Rayyan Municipality with 22 percent.
During the period of August 14 to 18 of this year, the volume of real estate trading in sales contracts registered with the Department of Real Estate Registration at the Ministry of Justice amounted to QR251m. The weekly bulletin issued by the department stated that the list of real estate traded for sale included vacant lands, houses, a multi-use building, tower, residential complex, apartment buildings, and shops. Sales operations were concentrated in the municipalities of Al Rayyan, Doha, Al Daayen, Umm Salal, Al Khor, Al Dhakira, Al Wakra, Al Shamal, and Al Shahaniyah. The trading volume during the period from August 7 to 14 amounted to QR265m.
The volume of real estate transactions in January 2022 reached QR1.6bn, according to the data from the Ministry. Despite the challenging situation created by the outbreak of COVID-19 pandemic last year, 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. Also, the realty sector saw deals worth QR6.71bn in 2021 in 1,244 transactions.
The momentum of growth in the country’s real estate sector is likely to get stronger during the year with the FIFA World Cup Qatar 2022 approaching near, the demand for housing units, office spaces, hotel rooms have already begun to rise. “Rental increases are being driven by demand for accommodation ahead of the World Cup, with tens of thousands of apartments being reserved both for fans and staff accommodation for companies providing World Cup-related services,” said Cushman and Wakefield in its second quarter report.
