(MENAFN- The Peninsula) Deepak John |The Peninsula
Doha, Qatar: Qatar's real estate 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 government.
There has been a significant growth in the value of mortgage transactions across all asset classes, growing by 89 percent on quarter-on-quarter (Q-o-Q) basis and 36.8 percent on year-on-year basis (YoY), according to Real Estate Research First Quarter (Q1) 2024 by ValuStrat, released yesterday.
In the first quarter of 2024, the Qatar real estate market witnessed 236 mortgage transactions across all asset classes of ready properties. The total sales value attributed to mortgage transactions stood at QR16.8bn, an increase of 89 percent QoQ and 36.8 percent YoY.
Furthermore, villas registered the highest number of traded units, an increase of 6.6 percent yearly. This advancement most likely can be attributed to last year's housing loan amendments introduced by the Qatar Central Bank.
Doha achieved 91 transactions while Al Rayyan accounted for 76 deals in the first quarter, valued at approximately QR9.6bn and QR7.5bn respectively.
The real estate sector plays a pivotal role in the Third National Development Strategy (NDS3). The strategy will enable Qatar to continue creating a business and investor-friendly environment. Qatar is assertive on transforming itself into one of the most favoured destinations for investments and talents, while prioritising economic sectors and aiming to maintain a high quality of life for citizens and residents.
The Law No. 5 of 2024 on real estate registration includes new articles and provisions that will contribute to regulating the sector and enhance its investment attractiveness through advanced electronic facilities and services that serve all stakeholders and those dealing with the real estate sector in the country.
The second edition of Qatar Real Estate Forum will be held on October 13 and 14, with the participation of many local and foreign bodies.
The forum primarily aims to identify the real estate opportunities offered by the Qatari markets, affirming that Qatar will dazzle all during the coming 15 years by its achievements in the real estate sector.
Last year, the Ministry of Municipality and Environment launched the first phase of Qatar's Unified Real Estate Platform, updating data on leasing and sales/mortgages. The importance of the unified real estate platform as a result of cooperation between the government and the private sector and in line with the wise leadership's directives is to provide a transparent real estate sector and offer sufficient data that facilitates investment procedures.
MENAFN30052024000063011010ID1108278133
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.