Qatar Real Estate Report: September 2023 Sees Trading Volume Reach $284 Million

Qatar Real Estate Report: September 2023 Sees Trading Volume Reach $284 Million

In a testament to the resilience and dynamism of Qatar’s real estate market, September 2023 witnessed real estate trading volume totaling QR1,37,617,682, which translates to approximately $284 million. This significant trading activity was recorded through sale contracts filed with the Ministry of Justice’s Real Estate Registration Department. Over the course of the month, an impressive 300 real estate transactions were meticulously documented.

Indices Reflecting Growth

A closer look at the data reveals encouraging trends within the real estate market. The index of sold real estate experienced a commendable 1% increase from August 2023 to August 2024, indicating sustained market growth. Additionally, the index of exchanged areas saw an even more robust growth of 3%, signifying rising demand and activity in the market.

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Top Municipalities in Real Estate Deals

The heart of the real estate activity in September 2023 was prominently found in municipalities such as Doha, Al Rayyan, and Al Dhaayen. These municipalities topped the list of the most lucrative real estate deals. Following closely were Al Wakrah, Umm Salal, Al Khor, Al Dhakira, Al Shamal, and Al Shahaniya, contributing to the vibrant real estate landscape in Qatar.

According to the real estate market index for September, Al Rayyan municipality’s transactions led the way in terms of value, amounting to QR 341,793,633. Doha municipality closely followed with a total transaction value of QR 328,446,892, while Al Dhaayen municipality recorded transactions worth QR 154,912,596. Al Wakrah municipality also made a substantial contribution with transactions valued at QR 95,862,415.

Trading Spaces and Transactions

In terms of traded real estate spaces, Al Rayyan, Doha, and Al Dhaayen municipalities remained at the forefront, accounting for 39%, 19%, and 15% of the total traded space, respectively. The diversity of the Qatar real estate market is further underscored by the fact that Al Wakrah, Umm Salal, Al Khor, and Al Dhakira each contributed to the exchange of 13%, 6%, 4%, and 4% of the total traded spaces.

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The real estate transactions (sold properties) were notably active in Doha (25%), Al Rayyan (24%), Al Dhaayen (20%), Al Wakrah (13%), and Umm Salal (8%). Al Khor and Al Dhakira also played a significant role in the market, recording 5% of the total number of real estate transactions.

Price Per Square Foot

Price variations per square foot are indicative of the diverse real estate offerings in Qatar. In Doha, prices ranged from QR 372 to QR 871, while Al Wakrah presented a range of QR 260 to QR 438. Al Rayyan, Umm Salal, Al Dhaayen, and Al Khor and Al Dhakira demonstrated their own unique pricing ranges, providing a variety of options for prospective buyers and investors.

Mortgage Transactions

Mortgage transactions, a key facet of the real estate market, were robust in September 2023, totaling QR 2,694,623,782 in value. Doha led the way in terms of the number of mortgage transactions, with 35 transactions accounting for 31.8% of all mortgaged properties. Al Rayyan followed closely with 32 transactions (29.1%), while Al Dhaayen contributed 18 transactions (16.4%). Umm Salal, Al Wakrah, Al Shamal, and Al Shahaniya municipalities also recorded mortgage transactions.

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In terms of mortgage value, Doha Municipality stood out with a total value of QR 1,902,751,000. Notably, the comparison of mortgage transactions and their financial value revealed a higher rate in Doha municipality, reflecting a strong market performance.

A Thriving Real Estate Market

The data for September 2023 demonstrates a thriving real estate market in Qatar, with increasing activity, diverse options, and steady growth. The market’s resilience and vibrancy bode well for both local and international investors looking to be a part of this dynamic real estate landscape.

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