Qatar’s real estate trading volume totaled QAR1.11 billion ($304.1 million) in June 2024, marking an 11.90 percent decline from the previous month. According to official data from Qatar’s Ministry of Justice, the property sector recorded 285 transactions last month, a decrease of 11.49 percent compared to May.
Qatar’s real estate sector: A vital economic pillar
Qatar’s real estate sector is a vital component of the country’s economy, characterized by substantial investments and developments as the gas-rich nation experiences growth in population and expatriates amid efforts toward economic diversification. It plays a crucial role in contributing significantly to Qatar’s gross domestic product and urban growth.
Future projections for Qatar’s real estate sector
A recent report from Property Finder projected Qatar’s real estate sector to reach QAR155.7 billion by 2028. In 2023, the real estate and construction sectors grew by 3.4 percent, amounting to QAR132.4 billion and contributing nearly 19 percent to the nation’s GDP.
Leading municipalities in real estate transactions
The latest ministry report indicated that the municipalities of Al Dhaayen, Al Rayyan, and Doha led Qatar in real estate transactions. In June, transactions in Al Rayyan totaled QAR358.69 million, followed by Al Dhaayen and Doha at QAR290.17 million and QAR288.98 million, respectively. Umm Salal municipality recorded transactions valued at QAR93.53 million, while Al Wakrah, Al Khor, and Al Shamal municipalities recorded lower values.
Additionally, in terms of traded area, Al Rayyan, Doha, and Al Dhaayen dominated, accounting for 40 percent, 24 percent, and 17 percent of the total transaction area in June, respectively.
Read more: Qatar’s real estate trading volume reaches $346.41 million in May 2024
Decline in mortgage transactions
The report also highlighted a 43 percent decline in mortgage transactions, which amounted to QAR4.58 billion in June. Al Rayyan led in mortgage transactions with 28, followed by Doha and Al Dhaayen with 24 and 15 transactions, respectively.
Residential unit transactions, building permits
Residential unit transactions totaled 52 last month, with a cumulative value of QAR122.64 million. This came as residential building permits in Qatar surged in March to 257 licenses, up from 193 the previous month. Villas were the predominant choice, comprising 88 percent of all new residential building permits, while apartment building licenses held an 11 percent share and other residential buildings accounted for 1 percent.
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