(MENAFN- The Peninsula)
Deepak John
|
The Peninsula
Doha, Qatar: Qatar's Real estate market has continued to witness growth during the third quarter (Q3) of this year as it saw deals worth QR3.351bn for 798 real estate transactions in Q3 of 2024.
In the third quarter of last year the real estate index achieved total value of QR3.597bn for 855 real estate transactions. The real estate transactions achieved the highest levels during September 2024 with a total value of QR1.419bn. While August 2024, registered a total value of QR827.058m and July of this year recorded QR1.105bn realty transactions.
The real estate market index for Q3, 2024 revealed that Doha Municipality, Al Rayyan Municipality and Al Dhaayen Municipality consecutively are the most active in terms of financial value. The financial values of Doha Municipality totaled QR1.121bn, Al Rayyan Municipality ranked second with transactions value of QR857m and then Al Wakrah ranked third with transactions amounting to QR494m.
During Q3, 2024 in terms of the sale of the number of real estate the most active municipalities were Al Rayyan (26 percent) followed by Dhaayen (14 percent). While in Q3, 2023 Al Rayyan (30 percent), followed by Doha (23 percent), and Al Dhaayen (16 percent) were the most active municipalities.
According to the area index in Q3, 2024 the indices show that the most active municipalities in the real estate trading movement were Al Wakrah (39 percent) followed by Al Rayyan (21 percent), then Doha (18 percent) of the total transactions. While in Q3, 2023 the indices showed that most active municipalities were Al Rayyan (33 percent), Doha and Al Wakrah (21 percent) of the total transactions, according to the area index.
Meanwhile in Q3, 2024 the value of top ten properties registered showed four properties in Doha Municipality, two properties in Al Dhaayen and Al Rayyan municipalities and one property in Umm Slal and Al Wakrah.
During the first quarter of this year the real estate sector witnessed deals worth QR4.253bn and during the second quarter of it saw deals worth QR3.191bn for 808 real estate transactions
The Real Estate Regulatory Authority continues its efforts to stimulate and develop the real estate sector in the country, contributing to economic diversification in line with the Third National Development Strategy, which emphasizes economic diversification as a crucial necessity for achieving sustainable economic growth.
This year, the Qatar Real Estate Forum which commences today will take place under the theme 'Aqarat's Future', focusing on transparency in the real estate sector, sustainable development, digital integration, and alignment with global best practices to boost investor confidence. The event will explore how effective partnerships and a strong dispute resolution mechanism can enhance benefits for investors and global firms attracting foreign investments to this sector in Qatar.
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