Qatar’s Real Estate Market Trends in August 2023
Overview of Real Estate Transactions
During August, the Ministry of Justice recorded a total of 297 real estate transactions, indicating a dynamic market. These transactions were spread across various municipalities, with some areas standing out in terms of financial value.
Doha, Al Rayyan, and Al Wakrah emerged as the most active municipalities in August 2023, both in terms of transaction volume and financial value. Here’s a breakdown of their performance:
- Doha Municipality: QR290,085,005
- Al Rayyan Municipality: QR266,921,713
- Al Wakrah Municipality: QR191,689,444
Traded Real Estate Spaces
In terms of the traded space index, Al Rayyan, Al Wakrah, and Doha municipalities led the way. Al Rayyan accounted for 27% of the total traded spaces, followed by Al Wakrah with 25% and Doha with 20%. Umm Salal, Al Dhaayen, Al Shamal, and Al Khor and Al Dhakira also played essential roles in this aspect.
Number of Real Estate Transactions
The number of properties sold varied across municipalities in August. Al Rayyan led with 30% of all transactions, followed by Doha with 19%, and Al Wakrah with 14%. Umm Salal, Al Dhaayen, Al Khor, Al Dhakira, and Al Shamal also saw significant transaction activity.
Average per square foot prices in August ranged from QR466 to QR709 in Doha, QR248 to QR508 in Al Wakrah, QR264 to QR410 in Al Rayyan, QR235 to QR439 in Umm Salal, QR267 to QR437 in Al Dhaayen, QR187 to QR273 in Al Khor and Al Dhakira, QR139 to QR374 in Al Shamal, and QR116 in Al Sheehaniya.
August witnessed the sale of 10 properties, with Doha accounting for 7 of them. Al Rayyan, Al Wakrah, and Umm Salal each recorded one property sale.
A total of 85 mortgage transactions occurred in August 2023, amounting to QR3,384,334,894. Doha led in the number of mortgage transactions with 38, followed by Al Dhaayen and Umm Salal with 10 each. In terms of value, Doha Municipality dominated with QR2,709,612,393.
Mortgage Transaction Analysis
Examining the ratio of the number of mortgaged properties to their financial value, it’s evident that Doha Municipality stands out, with higher transaction amounts compared to the number of transactions. This indicates significant investment in Doha’s real estate market.
Top Mortgaged Properties
Doha Municipality recorded six of the top 10 mortgaged properties, while Al Rayan and Umm Salal had two each. Moreover, these properties represented 85% of the total value of all mortgage transactions in August.
The Pearl and Al Qassar Area
In August 2023, 230 residential unit transactions took place in the Pearl and Al Qassar area, amounting to QR364,670,838 in total value. Thus, this suggests a continued growth trend in the real estate sector, bolstered by recent regulatory changes and attractive investment opportunities.