(MENAFN- The Peninsula) Joel Johnson |
The Peninsula
Doha, Qatar: The country's realty market has continued its upward trajectory growth during the first nine months, stated Qatar-based property portal Hapondo in its quarterly report.
Following the success of the World Cup hosted by Qatar last year, the sector thrived with numerous investment projects being carried out.
The latest report by the portal unfolds analyses of analyses of median prices for apartments, villas, offices, warehouses, and shops in the country.
The report notes that the market is poised to benefit in the long-term, driven by several infrastructure projects and developments, expansion of the industry across the country, and investment-friendly initiatives implemented by the Qatari government in addition to“an appetite for safe investment havens, despite the market adjustments post-FIFA 2022.
“To further enhance Qatar's appeal, the government has launched several programs and policies that support real estate investments, such as freehold and leasehold areas, residency via investment, Qatar Central Bank's new mortgage regulations, and the establishment of the Real Estate Regulation Authority,” it said.
Qatar had carried out infrastructure developments in preparation for the mega sporting event and has already been enhancing accessibility within and outside the country's capital city - Doha.
The report highlighted Ashghal's 1800 km of expressway projects, which was completed during the tournament.
As per the portal's analysis of Ministry of Justice data, real estate transactions from Al Rayyan, Umm Salal, Al Wakrah, and Al Daayen – four municipalities in the fringes of Doha – accounted for nearly 53 percent of total transaction volume in 2022. In land transactions, their share was at 71 percent of volume.
The CEO and Co-Founder of Hapondo Ahmad Al-Khanji commented that“Living outside the city has its appeal, from the luxury of space to the availability of developable land. But this only makes sense if people can move between their places of work and their homes more easily. The infrastructure developments in Qatar have been transformational for the market.”
The official also underscores that seven out of ten major areas for villas for sale are found on the outskirts of the city.
However, Doha continues to be the most competitive market in the country with gross rental yields as the residential market stays healthy at 6.5 percent, especially in West Bay and The Pearl.
The portal outlined that the city rental yield, however, stands higher than several cities in the GCC, including Riyadh and Muscat, and in Europe, where yields are less than 5 percent.
In Q3, the most popular areas for villas for sale were Al Thumama, Al Wukair, Lusail, West Bay, and Umm Salal Ali, while apartment buyers primarily searched for Lusail, The Pearl, West Bay, and Al Sadd.
Meanwhile, the top areas for villa rental were Al Waab, West Bay, and The Pearl, while the leading places for searches of apartments for rent were The Pearl, West Bay, and Lusail.
The findings also remark that there has been a soaring importance of residential real estate in transaction volume over the last decade.
The researchers state that while residential's share in transaction volume was merely at 25 percent in 2010, this has increased to at least 55 percent of transactions reported to the Ministry of Justice.
The report further said“The city remains popular for people who want to be closer to economic activities. For people living in the city, the appetite for leasing apartments will be largely driven not just by budgets but also by convenience. In Q3, three in every four apartments for rent and 31 percent of villas for rent in Hapondo were classified as furnished.”
“Hotels are also now seeking a greater share of the residential leasing market, targeting lessees who are searching for hotel-like services and amenities. Qatar has more five-star hotels than four-star and three-star combined, according to data from the Planning & Statistics Authority,” it added.
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