Posted inNews

Qatar’s real estate market on a growth trajectory: $1.15 billion worth of transactions recorded in Q1 2024

In April 2024, Qatar’s real estate industry saw a notable rise, with a 28% surge in property sales compared to the previous year

Qatar’s real estate market on a growth trajectory: $1.15 billion worth of transactions recorded in Q1 2024

According to recent data, Qatar’s real estate sector experienced a significant uptick in April 2024, with a 28% increase in the number of properties sold compared to the previous year. A total of 201 properties were sold, amounting to ($220 million) QR811.6 million in sales. The real estate sector in Qatar is emerging as one of the fastest-growing sectors in the country, attracting investments and ranking second only to the energy sector.

In April 2024, Al Rayyan municipality had the highest number of properties sold with 49, showing an 11% increase from the previous year. Al Wakra followed with 45 properties sold, a significant increase of 309%. Umm Slal had 22 properties sold, a 29.4% increase, while Al Shamal had 8 properties sold, a 700% increase. Al Khor and Thakhira had 10 properties sold, a 110% increase. However, Doha, Al Daayen, and Al Sheehaniya municipalities saw a decline in the number of properties sold compared to the previous year, according to data from the National Planning Council.

Qatar also experienced a significant increase in building permits, with a total of 466 permits issued, marking a 21.7% surge compared to the same month in 2023. Of these permits, 219 were for new constructions, 235 for additions, and 12 for fencing. The issuance of building permits is closely monitored as it serves as an important indicator of the construction sector’s performance, which plays a crucial role in the national economy.

Overall, the real estate market of Qatar soared to new heights in the first quarter of 2024 with January seeing transactions worth $521 million (QR1.919 billion), followed by February with a total value of $378 million (QR1.391 billion). March continued the trend with $256 million (QR942 million) in real estate deals. Hence, it would not be wrong to say that the upward trajectory of Qatar’s real estate market is undeniable, with a total of $1.15 billion (QR4.253 billion) worth of transactions in the first quarter alone.