Arab
News, Wednesday, Jul
10, 2024 | Muharram 4, 1445
Qatar’s real estate trading volume hits $302m in June: official data
Qatar:
Qatar’s real estate trading
volume totaled 1.11 billion Qatari riyals ($302 million) in June, showing an
11.90 percent decline from the previous month, official data showed.
Data from the Ministry of Justice revealed that the property sector recorded
285 transactions last month, marking an 11.49 percent decrease compared to
May, as reported by the Qatar News Agency.
The real estate sector in Qatar is a vital component of its economy, marked
by substantial investments and developments as the gas-rich nation
experiences growth in population and expatriates amidst efforts toward
economic diversification. It plays a crucial role in contributing
significantly to the country’s gross domestic product and urban growth.
In June, a report from Property Finder projected Qatar’s real estate sector
to reach 155.7 billion riyals by 2028.
Moreover, in 2023, Qatar’s real estate and construction sectors grew by 3.4
percent, amounting to 132.4 billion riyals, contributing nearly 19 percent
to the nation’s GDP.
The latest ministry report indicated that Al Dhaayen, Al Rayyan, and Doha
municipalities led Qatar in real estate transactions.
In June, transactions in Al Rayyan totaled 358.69 million riyals, followed
by Al Dhaayen and Doha at 290.17 million riyals and 288.98 million riyals,
respectively.
Conversely, Umm Salal municipality recorded transactions valued at 93.53
million riyals in the same period.
Additionally, Al Wakrah municipality recorded transactions totaling 42.19
million riyals, followed by Al Khor and Al Shamal municipalities at 31.53
million riyals and 13.86 million riyals, respectively.
In terms of traded area, Al Rayyan, Doha, and Al Dhaayen dominated,
accounting for 40 percent, 24 percent, and 17 percent of the total
transaction area in June.
The report also highlighted 78 mortgage transactions amounting to 4.58
billion riyals in June, a 43 percent decline from the previous month.
Al Rayyan led in mortgage transactions with 28, followed by Doha and Al
Dhaayen with 24 and 15 transactions, respectively.
Moreover, residential unit transactions totaled 52 last month, with a
cumulative value of 122.64 million riyals.
This came as residential building permits in Qatar surged in March to 257
licenses, up from 193 the previous month, according to official data
released by Qatar’s Planning and Statistics Authority.
Breaking down the report, villas were identified as the predominant choice,
comprising 88 percent of all new residential building permits.
Following villas, apartment building licenses held an 11 percent share with
29 approvals, while other residential buildings accounted for 1 percent,
totaling only two licenses.