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Press Dossier   News Category    Economy    Qatar’s real estate trading volume hits $302m in June: official data

Arab News, Wednesday, Jul 10, 2024 | Muharram 4, 1445

Qatar’s real estate trading volume hits $302m in June: official data


Qatar’s real estate trading volume totaled 1.11 billion Qatari riyals ($302 million) in June, showing an 11.90 percent decline from the previous month, official data showed.

Data from the Ministry of Justice revealed that the property sector recorded 285 transactions last month, marking an 11.49 percent decrease compared to May, as reported by the Qatar News Agency.

The real estate sector in Qatar is a vital component of its economy, marked by substantial investments and developments as the gas-rich nation experiences growth in population and expatriates amidst efforts toward economic diversification. It plays a crucial role in contributing significantly to the country’s gross domestic product and urban growth.

In June, a report from Property Finder projected Qatar’s real estate sector to reach 155.7 billion riyals by 2028.

Moreover, in 2023, Qatar’s real estate and construction sectors grew by 3.4 percent, amounting to 132.4 billion riyals, contributing nearly 19 percent to the nation’s GDP.

The latest ministry report indicated that Al Dhaayen, Al Rayyan, and Doha municipalities led Qatar in real estate transactions.

In June, transactions in Al Rayyan totaled 358.69 million riyals, followed by Al Dhaayen and Doha at 290.17 million riyals and 288.98 million riyals, respectively.

Conversely, Umm Salal municipality recorded transactions valued at 93.53 million riyals in the same period.

Additionally, Al Wakrah municipality recorded transactions totaling 42.19 million riyals, followed by Al Khor and Al Shamal municipalities at 31.53 million riyals and 13.86 million riyals, respectively.

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.

The report also highlighted 78 mortgage transactions amounting to 4.58 billion riyals in June, a 43 percent decline from the previous month.

Al Rayyan led in mortgage transactions with 28, followed by Doha and Al Dhaayen with 24 and 15 transactions, respectively.

Moreover, residential unit transactions totaled 52 last month, with a cumulative value of 122.64 million riyals.

This came as residential building permits in Qatar surged in March to 257 licenses, up from 193 the previous month, according to official data released by Qatar’s Planning and Statistics Authority.

Breaking down the report, villas were identified as the predominant choice, comprising 88 percent of all new residential building permits.

Following villas, apartment building licenses held an 11 percent share with 29 approvals, while other residential buildings accounted for 1 percent, totaling only two licenses.

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