Qatar’s real estate sector witnessed a significant expansion last month, registering 303 real estate deals worth QAR 1.419 billion ($390 million). The latest data from the Ministry of Justice‘s real estate bulletin reveals that the number of property sales in Qatar rose 22 percent month-on-month while the real estate trading value index recorded an increase of 72 percent, and the traded area index recorded an increase of 194 percent.
Most popular areas
The municipalities of Al Rayyan, Al Wakrah, Doha, and Al Dhaayen topped the list of the most active transactions in terms of financial value in September, according to Qatar’s real estate market index. Following closely came Umm Salal, Al Khor, Al Thakhira, Al Shamal, and Al Sheehaniya in terms of deal volumes.
Qatar’s real estate market index for September revealed that the financial value of transactions in Al Rayyan Municipality amounted to QAR336.7 million and QAR332.7 million in Al Wakrah Municipality. Doha’s real estate transactions reached QAR332.4 million while Al Dhaayen recorded QAR278 million in deals.
Doha sees most sales
In terms of the traded areas index, the indicators revealed that Al Wakra, Al Rayyan and Doha Municipalities were the most active municipalities in Qatar for real estate trading last month.
As for the number of real estate transactions, trading indicators showed that the most active municipalities in September were Doha with a 28 percent share, Al Rayyan with a 24 percent share, and Al Dhaayen with a 15 percent share.
In September, Doha emerged as the most expensive area in Qatar to buy real estate with the average price per square foot ranging between QAR411 and QAR709. Al Wakrah’s average price per square foot in September ranged between QAR227 and QAR420 while Al Rayyan’s prices averaged between QAR223 and QAR441.
Read: Abu Dhabi sets new mortgage records in Q3 with $3.67 billion in 2,594 transactions
Mortgage transactions rise
Qatar saw an expansion in the volume of mortgage transactions during September to 72 transactions worth QAR2.59 billion, up from 86 transactions worth QAR1.76 billion in August.
Qatar’s real estate sector continues its steady and strong growth in several investment and commercial fields. This recent surge comes after the country issued new laws and decisions related to real estate brokerage, real estate registration, documentation, ownership, and usufruct, in addition to laws attracting local and foreign capital.
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