Qatar sees surge in sale of properties – The Peninsula

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Doha, Qatar: Qatar’s real estate sector has witnessed surge as the number of properties sold increased in November last year. The total number of properties sold totalled 321 in the country in November 2023 registering a yearly increase of 54.3 percent according to figures released by the Planning and Statistics Authority (PSA), yesterday.

Of the total number of sold properties by municipality, Al Wakra constituted 43 properties showing a rise of 126 percent on year on year basis, followed by Al Sheehaniya (100 percent), Al Daayen 41 (64 percent), Doha 83 (59.6 percent), Umm Slal 38 (52 percent), Al Rayyan 89 (48.3 percent), Al Shamal 12 (9.1 percent) in November 2023.

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Qatar saw a total of QR1,460.9m worth of properties sold in November 2023 showing a monthly and yearly rise of 9.9 percent and 7 percent respectively.

The real estate sector is one of the fastest growing sectors in Qatar, as it ranks second after the energy sector by attracting investments. The country’s realty market has continued its upward trajectory growth and following the success of the FIFA World Cup and the sector is thriving with numerous investment projects.

On a yearly basis, the total properties sold by municipality in Al Sheehaniya reported a 114.3 percent jump, Al Rayyan 77.5 percent, Al Wakra 62.7 percent, Umm Slal 14.5 percent, Al Daayen 5.4 percent. While Doha, Al Shamal, Al Khor and Al Thakira municipalities saw decline on yearly basis.

Qatar saw as many as 748 building permits issued in November 2023 recording an increase of 16 percent year-on-year basis in the review period, according to the data.

The new building permits (residential and non-residential) constituted 265 permits or 15.3 percent of the total building permits issued; additions 457 (5.5 percent) and fencing 26 (13 percent) in November 2023.

The building permits data is of particular importance as it is considered an indicator for the performance of the construction sector which in turn occupies a significant position in the national economy.

With infrastructure in place to cope with a substantially increased population, government initiatives in place, such as residency through real estate, to attract investors, and financial instruments being offered by local banks to fund purchases, Qatar is poised to compete in the international arena.

The real estate market is poised to benefit in the long-term, driven by several infrastructure projects and developments, expansion of the industry across the country, and investment-friendly initiatives implemented by the government. 

Qatar carried out infrastructure developments in preparation for the mega sporting event and has already been enhancing accessibility within and outside the country’s capital city – Doha.

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