Qatar’s real estate sector experienced unprecedented growth in 2023 with 3,579 transactions worth QAR16.703 billion ($4.59 billion), according to data from the Ministry of Justice. A combination of factors supported that growth including robust gross domestic product (GDP) growth, population influx, employment opportunities, and favorable government policies. With record-breaking transaction volumes and a surge in investment, the sector will continue to expand and develop.
Record-breaking transaction volumes
In 2023, Qatar’s real estate sector witnessed the highest momentum in February with 382 real estate transactions with a total value of QAR2.040 billion. Following closely came March with 340 transactions, then May with 337 transactions.
Qatar’s real estate market index for 2023 revealed that the Doha, Al Rayyan and Al Dhaayen Municipalities were the most active in terms of financial value. The Doha Municipality transactions totaled QAR6.820 billion, the highest in value. Meanwhile, the Al Rayyan Municipality ranked second with transaction values reaching QAR4.577 billion. In addition, the Al Dhaayen Municipality raked third with the value of transactions amounting to QAR2.131 billion.
Real estate sales
In terms of the number of real estate sales in 2023, the most active municipality was Al Rayyan with 26 percent of total sales. Doha came in second place with 23 percent of total sales. Meanwhile, Al Dhaayen ranked third with 16 percent of total sales in Qatar’s real estate sector.
When it comes to real estate trading movement in Qatar’s real estate sector, the most active municipality was Al Rayyan with 32 percent. Doha ranked second with 22 percent while Al Wakrah ranked third with 17 percent of the total deal area.
Mortgage transactions
The volume of mortgage transactions in Qatar’s real estate sector in 2023 reached 1,347 with a total amount of QAR45.641 billion.
The Doha Municipality registered the highest number of mortgage transactions with 547 of the total number of mortgaged properties. In second place came the Al Rayyan Municipality with 360 transactions. Meanwhile, Al Dhaayen Municipality ranked third with 226 transactions of the total number of mortgaged properties.
In terms of the value of mortgages, the Doha Municipality ranked first with a value of QAR30.055 billion, while the Al Shamal Municipality registered the lowest value of QAR17.872 million.
Read: Sharjah real estate transactions soar to $844 million in February 2024
Investor-friendly reforms
Qatar introduced new property ownership reforms in 2023 that allow non-Qataris to own property and invest in the real estate sector. These initiatives offer multiple privileges for investors such as permanent residency, free healthcare, education, and the ability to invest in certain commercial activities.
Moreover, financial institutions offer attractive mortgage loans, with competitive rates and flexibility. This appeals to investors and homebuyers. In addition, the growing diversity of properties and a range of cultural and entertainment attractions make Qatar an ideal location for real estate projects.
For more news on real estate, click here.
