Doha: Rise in the activities related to FIFA World Cup Qatar 2022 is boosting demand in Qatar’s real estate market as the realty sector trading in Qatar exceeded QR1bn during August, according to data from the Ministry of Justice.
The real estate transactions during the five weeks of the month of August reached over QR1.6bn. From August 28 to September 1, real estate transactions worth QR445m were signed. Doha Municipality came at top in terms of value and number of real estate transactions worth QR224m, while Al Rayyan and Doha Municipality topped in number of transactions with 21 deals seen during the week, according to the Ministry of Justice data.
A week before, during August 21 to 25, real estate transactions worth more than QR477m were signed in the country. Doha Municipality came at the top in terms of real estate activities. Real estate deals worth QR277m were signed in 28 transactions in Al Rayyan, Al Shamal, Al Khor, and Al Dhakira Municipalities.
The real estate trading volume also exceeded QR251m during the week of August 14 to 18, wherein real estate deals worth QR130m were signed in Municipality of Al Rayyan which claimed the top spot in terms of real estate deals after closing 16 transactions.
During the week August 7-11, total real estate transactions valued at more than QR265m were recorded in Qatar. Doha Municipality came at top in terms of value and number of transactions worth QR164m, and Al Rayyan Municipality topped in number of transactions with 16 deals seen during the week, according to the official data. Also, from July 31 to August 4 the real estate trading volume reached more than QR186m with Al Rayyan municipality being at top with 13 deals during the week.
Qatar’s real estate sector witnessed deals worth QR6.37bn in the second quarter (Q2) of the year. A total of 1,203 transactions were registered in the country.
The real estate transactions achieved its highest levels during June 2022 with a total value of QR2.83bn and compared to the second quarter of 2021, the number of real estate index increased. While May 2022 recorded a decrease compared to May 2021 with a total value of QR1.35bn. Whereas, April of this year recorded an increase compared to April 2021, with a total value of QR2.18bn.
The latest Qatar Real Estate Market Trends Report from Property Finder has identified a major uplift in rental demand in the first half of the year, which sees demand outstripping supply for the first time, while investments in apartments reached an all-time high.
The report showcases how the limited supply has dictated price increases across all areas and all unit types, with Doha recording an H1 year-on-year (Y-o-Y) uplift of 23 percent in average rental unit pricing and Al Khor witnessing a 38 percent price rise over the same period. This demand shift is a result of Qatar’s imminent hosting of the 2022 FIFA World Cup.