Real estate deals worth QR 6.37 billion signed in Q2

Doha: Qatar’s real estate sector saw transactions worth QR 6.37 billion in the second quarter (Q2) of the year. A total of 1,203 transactions have been recorded in the country, according to data from the Ministry of Justice.

Real estate transactions reached their highest levels in June 2022 with a total value of QR 2.83 billion and compared to the second quarter of 2021, the number of real estate indices increased. While May 2022 saw a decline from May 2021 with a total value of QR 1.35 billion. While April this year saw an increase from April 2021, with a total value of QR 2.18 billion.

According to the data, the real estate market index revealed during the second quarter of 2022, the municipality of Doha followed by the municipality of Al Rayyan and then Al Daayen were the most active in terms of financial value, as the financial value Doha Municipality’s transactions reached QR 2.85 billion and Al Rayyan Municipality ranked second with a trade value of QR 1.86 billion. Al Daayen Municipality ranks third with a transaction value of QR 831 million.

The most active municipalities in Q2 2022 by number of properties sold were Doha Municipality with 28%, followed by Al Rayyan Municipality with 26%, then Al Daayen Municipality with 18%. While the municipalities that were most active in Q2 2021 in number of properties sold were: Al Daayen Municipality with 26%, followed by Doha Municipality and Al Rayyan Municipality with 22% .

During the period from August 14 to 18 this year, the volume of real estate transactions in sales contracts registered with the Department of Real Estate Registration of the Ministry of Justice amounted to 251 million QR. The weekly bulletin released by the department said the list of real estate for sale included vacant land, houses, a multi-purpose building, a tower, a residential complex, apartment buildings and shops. Sales operations were concentrated in the municipalities of Al Rayyan, Doha, Al Daayen, Umm Salal, Al Khor, Al Dhakira, Al Wakra, Al Shamal and Al Shahaniyah. The trading volume during the period from August 7 to August 14 amounted to 265 million QR.

The volume of real estate transactions in January 2022 reached QR 1.6 billion, according to data from the ministry. Despite the difficult situation created by the outbreak of the COVID-19 pandemic last year, the real estate sector recorded transactions worth more than QR 25 billion in 2021 in 5,374 transactions. The number of real estate transactions increased by 5% in 2021 compared to 5,116 transactions in 2020. Moreover, the real estate sector recorded transactions worth QR 6.71 billion in 2021 in 1,244 transactions.

Growth momentum in the country’s real estate sector is expected to strengthen over the course of the year as the FIFA World Cup Qatar 2022 approaches, demand for housing, office space and hotel rooms has already started to increase. “Rent increases are driven by demand for accommodation ahead of the World Cup, with tens of thousands of apartments earmarked for both fan and staff accommodation for businesses providing World Cup-related services. “, said Cushman and Wakefield in its second quarter report.

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