(MENAFN- The Peninsula)
Arsalan Altaf
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The Peninsula
Doha, Qatar: Qatar recorded a total of 3,548 Real estate transactions worth QR14.5bn in 2024, with the most expensive property fetching QR260m. The property trading volume and value last year were down slightly from 3,579 transactions worth QR16.7bn in 2023.
The overwhelming majority of real estate deals were recorded in the municipality of Doha, which covers most of Doha, including the Pearl Island; Al Rayyan Municipality, which borders Doha and covers areas up to Mall of Qatar, including Aspire Zone, Education City, and Al Waab; and Al Daayen Municipality, which includes the new city of Lusail.
Doha Municipality recorded 1,000 real estate transactions worth QR5.8bn last year, followed by Al Rayyan Municipality which recorded 863 deals worth QR3.5bn, and Al Daayen Municipality with 541 transactions valued at over QR2bn. Al Wakrah Municipality had 454 property deals worth QR1.49bn, while Umm Slal logged 332 trades worth over QR1bn. Al Khor and Dakhira saw 221 trades with total value of QR376m.
The municipalities of Al Shamal and Al Sheehaniya registered 133 and four transactions worth QR174m and QR5.9m respectively.
The Annual Real Estate Bulleting published by the Ministry of Justice shows that average per square foot price for a building stood at QR830 in Doha, QR551 in Al Daayen, QR447 in Al Rayyan, QR474 in Umm Slal, QR440 in Al Wakrah, QR339 in Al Khor and Dakhira, QR262 in Al Shamal, and QR206 in Al Sheehaniya Municipality. On the other hand, average price of per square foot of vacant land was recorded at QR410 in Doha, QR338 in Al Rayyan, QR302 in Al Daayen, QR232 in Al Wakrah, QR258 in Umm Slal, QR218 in Al Khor and Dakhira, and QR 145 in Al Shaml.
Al Sheehaniya Municipality has not registered any vacant land sale transactions, the report said.
The average price in Doha has come down from QR955 for built-up property and QR496 for vacant land seen in 2023.
Nine out of ten most expensive properties sold last year were in Doha Municipality. The most expensive deal was QR260m in Doha's Al Messila neighbourhood.
The second highest transaction was for a property in Wukair near Al Wakrah, valued at over QR255m. Another property in Doha's Al Mirqab area fetched QR135m; a transaction in Al Mansoura was recorded at QR113m; while another property in Al Mirqab was traded for over QR82.8m. Other top ten transactions were recorded in localities of Leqtaifiya (QR80m), Mushaireb 13 (QR80m), The Pearl Island (QR75m), Al Mirqab (QR70m) and Nuaija (QR67m).
The volume of mortgage transactions achieved during 2024 reached 1,492 transactions, with a total amount of QR64bn. Doha Municipality registered the highest number of mortgage transactions with 535 equivalent to 35.9%, followed by Al Rayyan Municipality with 397 transactions equivalent 26.6%, then Al Wakrah Municipality with 195 transactions equivalent 13.1% of the total number of mortgaged properties.
During the year 2024, the trading movement of residential units witnessed 832 deals, with a total value of QR1.67bn.
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