Qatar's Real Estate Market Sees Steady Growth In 2024

Doha, Qatar: Qatar's Real estate market remained largely stable over the past year, with outcomes closely mirroring expectations.

The overall market held steady, while modest declines were observed in certain segments. A slight recovery was evident in the second half of the year, particularly in the residential sector, where larger, high-end units saw improved performance in select areas, according to Real Estate Research Review '24/'25 Outlook by ValuStrat released, yesterday.

The mortgage activity mirrored interest rate trends, with increased transactions in the first half of the year, likely driven by anticipation of further rate hikes, followed by a slowdown in Q3 as rates eased.

The fourth quarter delivered robust performance, with transactions rising 25% YoY and a remarkable 168% annual growth in value, indicating a sharp rebound as buyers capitalised on favourable conditions.

In the first quarter of 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. Also, the notable projects handed over during the first quarter were Murano Tower and Tower 33, both in Lusail Marina with a total of 365 apartments.

In the first quarter of 2024, Qatar's 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% QoQ, and 36.8% YoY.

The second quarter saw 253 mortgage transactions across all asset classes of ready properties, an increase of 10% YoY. The total value attributed to mortgage transactions stood at QR12.6bn in Q2 2024, producing a decline of 11.7% yearly.

The realty market witnessed 227 mortgage transactions in the third quarter across all asset classes of ready properties, a decrease of 8.5% YoY. The total value attributed to mortgage transactions reached QR6.8bn. reflecting an increase of 7.9% compared to the same period in 2023.

Meanwhile the fourth quarter saw Land of Legends theme park launched within the 8 million sq m Simaisma project; luxury waterfront townhouses were launched by Qatari Diar at The Seef; and Barwa Real Estate Group launched the first phase of Barwa Hills in Lusail with 57 one-bedroom units over a land area of 2,649 sqm.

The same quarter saw the real estate market witness 294 mortgage transactions across all asset classes of ready properties, an increase of 23.5% YoY. The total value attributed to mortgage transactions reached QR24.8bn reflecting a significant increase of 168% compared to the same period in 2023.

The report noted that the outlook for 2025 reflects a sense of measured anticipation. While the market has remained stable in recent quarters, early signs of improvement in certain areas suggest the potential for similar trends across other segments of the real estate market.

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