The residential sector in Qatar maintained its stability throughout the fourth quarter (Q4) of 2023, as indicated by the ValuStrat Price Index (VPI).

Notable increases in prices were observed in areas like West Bay Lagoon and Muaither, rising by 1% compared to the previous quarter. The addition of 795 houses during Q4 2023 pushed the residential stock past 343,500 units.

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International research and valuation consulting experts noted that out of the projected 12,500 homes for 2023, nearly 11,000 were delivered the preceding year. Noteworthy projects in Q4 2023 included residential buildings in Lusail, Al Serdal (120 apartments), and Al Kharaej (150 units).

On the contrary, The Lane Residence, the first residential building on Lusail Boulevard, introduced by Just Real Estate, featured 79 apartments over 11 stories. Simultaneously, JMJ Group Holding unveiled JMJ Waterfront Residence, an opulent waterfront skyscraper.

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In Lusail City, the project comprised 172 one- and two-bedroom apartments and chalets. Plans for Q1 2024 included over 2,200 units, with a focus on Lusail City and The Pearl Island.

Apartment prices in The Pearl Island, Lusail, and West Bay Lagoon remained steady compared to the previous quarter, at QR10,400, QR10,160, and QR9,620 per sq m, respectively.

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Transaction volumes witnessed quarterly and annual increases of 14% and 33%, respectively. The median ticket size for residential units remained stable quarter-on-quarter at QR2.7 million, with a 5.3% year-on-year decrease.

In Q4 2023, residential house transactions were prominent in areas like Umm Salal and Al Rayyan, with 114 sales recorded, marking a 31% year-on-year decline in volume and a 19% annual decrease in value to QR1.4 billion.

Comparing 2022 to 2023, The Pearl Qatar and Al Qassar saw notable increases in transaction values and volumes of 82% and 44%, respectively.

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The ValuStrat Q4 2023 report highlighted a 7.4% decrease in the median monthly rental value of residential units compared to the previous year, remaining stable quarterly.

Apartments in Qatar were leased at a median rate of QR6,250 per month, with one-bedroom apartments at QR5,750, two-bedroom apartments at QR6,750, and three-bedroom apartments at QR8,250.

To enhance transparency, the Ministry of Municipality introduced the first phase of the Qatar Real Estate Platform in 2023, comprising 80 indicators to benefit the industry.