(MENAFN- The Peninsula)
Deepak John
|
The Peninsula
Doha, Qatar: Qatar's real estate sector witnessed deals worth QR3.702bn for 962 transactions in the fourth quarter (Q4) of last year. The realty sector is experiencing remarkable growth, driven by various factors including high GDP growth, an influx of population, employment opportunities and favourable government policies.
The real estate transactions achieved the highest levels during October 2024 with a total value of QR1.514bn. Meanwhile the realty index for November last year registered a total value of QR1.144bn and December recorded QR1.043bn realty transactions, according to Ministry of Justice data. Comparing to the fourth quarter of 2023, the realty index achieved a total value of QR4.312bn for 982 transactions.
The growth in real estate sector in Qatar is evident by the strength of the Qatari economy, the wide scope of construction operations, and the completion of many economic diversification plans within Qatar National Vision 2030. This makes it one of the fastest growing sectors to real estate brokerage, real estate registration, and ownership in addition to the laws attracting local and foreign capital.
The real estate index revealed Doha, Al Rayyan, and Al Dhaayen municipalities topped the most active transactions in terms of financial value in Q4 2024 with the value of Doha Municipality transactions totalling QR1.562bn, Al Rayyan QR844m while Al Dhaayen transactions stood at QR559m.
When compared to Q4 2023 the most active municipalities in terms of financial value were Doha Municipality at QR1.820bn, Al Rayyan Municipality at QR1.184bn and Al Dhaayen Municipality at QR437m were
During Q4 last year in terms of the sale of number of real estate, the most active municipalities were Doha (34 percent), followed by Al Rayyan (22 percent), Al Dhaayen (14%). While in Q4 2023, Doha and Al Rayyan municipalities each stood at 26 percent and Al Dhaayen at 15 percent.
According to the area index, in Q4 2024 the indices show that the most active municipalities in real estate trading movement were Al Rayyan (32 percent), followed by Doha (25 percent), then Al Dhaayen (13 percent) of the total transactions. While in Q4 2023 the indices showed the most active municipalities are Al Rayyan (32 percent), followed by Doha (25 percent) and then Al Dhaayen (13 percent) of the total transactions according to the area index.
The trading revealed the value of top ten properties for Q4 last year which registered five properties in Doha Municipality, two in Al Dhaayen and one each for Umm Slal and Al Wakrah municipalities.
Qatar's Third National Development Strategy (NDS3) relies heavily on the real estate sector. The goal is to make Qatar more attractive to investors and businesses. It aims to create a welcoming environment for both investors and skilled workers and to prioritise economic sectors and ensure a high quality of life for everyone living in Qatar.
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