According to the latest figures from the Ministry of Justice’s Real Estate Registration Department property sales in the Qatari real estate market soared to a record QR1,011,404,475 ($278 million) in August 2023. The market is showing no signs of slowing down, and is predicted to break more records in the coming month.
There were 297 real estate deals completed during the month, signaling an active property market. Doha, Al Rayyan, and Al Wakra municipalities saw the highest number of transactions in terms of financial value. Additional active areas included Umm Slal, Al Dhaayen, Al Shamal, Al Khor and Al Dhakira, and Al Sheehaniya.
The August 2023 real estate sales activity highlights the ongoing investor interest and demand driving Qatar’s property sector. With transactions reaching over QR1 billion, the robust market helps strengthen Qatar’s economic growth and development.
The latest real estate market index, released for the month of August, has brought a wave of optimism to the real estate landscape in Qatar. The data revealed that Doha municipality led the charge with transactions amounting to a staggering QR 290,085,005, showcasing robust activity in the heart of the capital.
The city’s neighboring municipalities have also witnessed impressive financial transactions, underlining the overall buoyancy in the market. Al Rayyan municipality recorded transactions amounting to QR 266,921,713, while Al Wakrah municipality contributed significantly with transactions totaling QR 191,689,444.
Umm Salal municipality recorded QR 114,170,148 ($31 million) in real estate transactions during August 2023, according to figures from Qatar’s Ministry of Justice. The municipality was among the most active areas for property deals last month along with Doha, Al Rayyan, and Al Wakra.
Al Dhaayen and Al Shamal municipalities also saw significant real estate activity in August 2023, further driving property sector expansion. Al Dhaayen recorded QR92.5 million in transactions while Al Shamal registered QR32.7 million, based on figures from the Ministry of Justice.
Additional municipalities with property sales were Al Khor at QR22.3 million, Al Dhakira at QR22.3 million, and Al Sheehaniya at QR948,615.
In terms of traded real estate space, the top municipalities were Al Rayyan with 27%, Al Wakrah with 25%, and Doha with 20% of transactions. The activity across municipalities highlights steady gains for Qatar’s real estate market.
Al Rayyan led in number of property sales at 30% of total transactions, followed by Doha (19%), Al Wakrah (14%), Umm Salal (13%), Al Dhaayen (12%), Al Khor/Al Dhakira (6%), and Al Shamal (6%).
Average per square foot prices ranged from QR466-QR709 in Doha, QR248-QR508 in Al Wakrah, QR264-QR410 in Al Rayyan, and QR235-QR439 in Umm Salal. Al Dhaayen saw QR267-QR437 per sq ft, while Al Khor/Al Dhakira averaged QR187-QR273.
There were 10 properties sold for the highest value in August, including 7 in Doha. Mortgage activity also remained strong with 85 transactions totaling QR3.38 billion.
The August 2023 real estate data underscores the ongoing strong performance and expansion of Qatar’s property sector across investment and commercial areas. This steady growth is supported by new real estate policies and regulations issued by the government. These include laws related to real estate brokerage, registration, ownership, usufruct, and attracting domestic and foreign investment capital. With robust trading activity seen in municipalities across Qatar, the real estate market is poised to continue its upward momentum in the coming periods. The sector provides a bright spot for the nation’s economic diversification and development.
With Qatar’s real estate sector reaching new heights with over $278 million in property sales this past August, Grand Reliable provides the ideal avenue for investors to capitalize on the market’s rapid growth. As United Arab Emirates premier real estate firm for nearly a decade, Grand Reliable offers deep expertise navigating the country’s regulatory environment and identifying top-performing assets across sectors from residential to commercial.
