Qatar’s real estate sector sees 28 percent increase in April


(MENAFN) Qatar's real estate sector has experienced a significant surge, with the number of properties sold witnessing a notable increase in April this year. The total number of properties sold reached 201 in April 2024, marking a substantial yearly rise of 28 percent.

Analyzing the data by municipality reveals varying trends. Al Rayyan constituted 49 properties, showing an 11 percent increase compared to the previous year, followed by Al Wakra with 45 properties (a staggering 309 percent rise), Umm Slal with 22 properties (up by 29.4 percent), Al Shamal with 8 properties (a remarkable 700 percent increase), and Al Khor and Thakhira with 10.5 properties (a notable 110 percent increase). However, Doha, Al Daayen, and Al Sheehaniya municipalities witnessed a decline in property sales compared to the previous year.

In terms of value, Qatar saw a total of QR811.6 million worth of properties sold in April 2024, further highlighting the robust performance of the real estate sector. This sector ranks second after the energy sector in attracting investments, underscoring its importance in the country's economy.

Additionally, Qatar experienced a surge in building permits issued in April 2024, with a total of 466 permits issued, marking a substantial increase of 21.7 percent compared to April 2023. These new building permits comprised 219 permits for new constructions, 235 for additions, and 12 for fencing projects.

The issuance of building permits is a crucial indicator for the performance of the construction sector, which holds significant importance in Qatar's national economy. The rise in building permits further reinforces the positive trajectory of the real estate and construction sectors, signaling continued growth and development in the country.

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