Real estate deals worth QR4.1 bn struck in Qatar in August
QATAR saw 497 real estate deals worth QR4.156 billion being registered in August, according to the Real Estate Registration Department of the Ministry of Justice.
This is a 49 percent increase in terms of financial value from July’s 2.78 billion.
The municipalities of Al Daayen, Doha, Umm Salal and Al Rayyan saw the biggest real estate deals in August in terms of value, followed by the municipalities of Al Wakra, Al Khor-Al Dhakira, Al Shamal and Al Shahaniya.
Deals worth QR1.593 billion were struck for properties in Al Daayen, QR172.308 million in Doha, QR633.374 million in Umm Salal,
QR619.882 million in Al Rayyan, QR122.222 million in Al Wakra, QR53.937 million in Al Khor-Al Dhakira, QR52.424 million in Al Shamal and QR 8.412 million in Al Shahaniya.
In terms of area of traded real estate in August, Al Daayen, Umm Salal, and Al Rayyan came on top in August.
Al Daayen saw a jump by a 44 percent from July, Umm Salal municipality by 20 percent, Al Rayyan and Al Wakra by 12 percent each, Al Rayyan by 17 percent, Doha by 11 percent, Al Wakra and Al Shamal by 3 percent each and Al KhorAl Dhakira by 2 percent.
In terms of the number of deals, Al Daayen came on top, accounting for 31 percent of all deals. It is followed by Al Rayyan with 19 percent, Doha with 18 percent, Umm Salal with 13 percent, Al Wakra with 9 percent, Al Khor-Al Dhakira with 5 percent, Al Shamal with 4 percent and Al Shahaniya with 1 percent.
The average prices per square foot for the month of August ranged between 531 and 1,055 in Doha; 256 and 479 in Al Wakra; 322 and 465 in Al Rayyan; 251 and 353 in Umm Salal; 290 and 480 in Al Daayen; 184 and 268 in Al Khor-Al Dhakira; 141 and 274 in Al Shamal, and 125 and 304 in Al Shahaniya.
The volume of trading revealed that the highest value of ten sold properties was recorded for the month of August, which recorded 4 real estate in Doha municipality, 3 properties in Al Daayen municipality, two properties in Umm Salal municipality, and one property in Al Rayyan municipality.
With regard to the volume of mortgage transactions during the month of August of the current year, the volume of mortgage transactions that took place during the month reached 89 transactions, with a total value of QR 3,651,485,526.
With regard to the value of mortgages, Doha municipality came in the forefront with a value of QR 1,800,655,967, while the municipality of AlKhor and Al Dhakira recorded the lowest value amounting to QR 5,525.
By tracking the movement and volume of mortgage transactions that took place during the month of August, we find that the Doha municipality registered 5 of the top 10 mortgaged properties, while the Al Wakrah municipality registered three mortgaged properties, and Al Rayyan municipality registered two mortgaged properties out of the total foreclosed properties.
The volume of foreclosure transactions for the top 10 properties stood at 87 percent of the total value of all mortgage transactions that took place during August.
The real estate trading data during the month of August for the current year shows that the real estate sector continues its steady growth in various investment and commercial fields, thus continuing the strong and active trading movement witnessed by the sector during the recent period, especially with the issuance of new laws and decisions related to real estate brokerage, real estate registration, ownership and usufruct, in addition to the laws that attract domestic and foreign capital.
These data also confirm the strength and durability of the foundations of the Qatari economy and the continued growth of the real estate sector as one of its main components.