According to data, Qatar's real estate sector experienced unprecedented growth in 2023, with 3,579 transactions valued at KAR 16.73 billion ($4.59 billion). Ministry of Justice. A combination of factors supported its growth, including strong gross domestic product (GDP) growth, population inflows, job opportunities, and favorable government policies. With record trading volumes and a surge in investment, this sector will continue to expand and develop.
Record-breaking trading volume
In 2023, Qatar's real estate sector gained the most momentum in February with 382 real estate transactions with a total value of QAR 2.04 billion. By a close margin he was followed in March with 340 transactions and in May with 337 transactions.
The Qatar Real Estate Market Index 2023 revealed that Doha, Al Rayyan and Al Dayen municipalities were the most active in terms of financial value. Doha City had the highest total transaction value at KAR 6.82 billion. Meanwhile, Al Rayyan City ranked second with transaction value reaching R4.577 billion. Furthermore, Al Dayen City ranked third with a transaction value of KAR 2.131 billion.
real estate sales
In terms of the number of real estate sales in 2023, the most active municipality was Al Rayyan City, which accounted for 26% of the total sales. Doha ranked second with 23% of total sales. Meanwhile, Al Dayen accounted for 16% of total sales in Qatar's real estate sector, ranking third.
In terms of real estate transaction activity in Qatar's real estate sector, the most active municipality was Al Rayan City with 32%. Doha came in second place with 22%, and Al Wakrah came in third with 17% of the total traded area.
mortgage transactions
In 2023, the number of mortgage transactions in Qatar's real estate sector amounted to 1,347, with a total value of QAR 45,641 million.
Doha City recorded the highest number of mortgage transactions with 547 out of the total number of mortgaged properties. In second place was Al Rayyan City, with 360 transactions. Meanwhile, Al Dayen City ranked third with 226 transactions out of the total number of mortgaged properties.
In terms of mortgage loan amount, Doha City ranked first with QAR 30.055 billion, while Al Shamal City was the lowest with QAR 17.872 million.
Read: Sharjah real estate transactions soar to $844 million in February 2024
Investor-friendly reforms
Qatar introduced new property ownership reforms in 2023, allowing non-Qataris to own property and invest in the real estate sector. These initiatives offer multiple privileges to investors, such as permanent residence, free healthcare, education, and the ability to invest in certain commercial activities.
Additionally, financial institutions offer attractive home loans with competitive interest rates and flexibility. This is attractive to investors and home buyers. Additionally, the increasing diversity of real estate and the variety of cultural and entertainment attractions make Qatar an ideal location for real estate projects.
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