Qatar Real Estate Market Surges with $1.16 Billion Deals in Q1 2024
Qatar’s real estate sector hit a record high with transactions worth $527 million, highlighting its strong growth.
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January 2024 marked a significant peak in Qatar’s real estate transactions, setting a record with deals totaling $527 million. This remarkable achievement underscores the robust growth trajectory of Qatar’s real estate sector in the early months of the year.
The real estate sector in Qatar showcased substantial growth during the first quarter of 2024, with transactions amounting to QR4.253 billion, as reported by the Ministry of Justice. This performance highlights the sector’s upward momentum and its vital role in the nation’s economic landscape.
Long-Term Growth Prospects
Qatar’s real estate market is poised for sustaining growth, fueled by extensive infrastructure projects, nationwide industry expansion, and the Qatari government’s investment-friendly policies. These elements, coupled with a strong demand for secure investment opportunities, are set to drive the market forward.
In the first quarter of 2024, real estate transactions registered with the Real Estate Registration Department at the Ministry of Justice reached their peak in January with a total of QR1,919,640,254. The market remained active in February and March, recording transactions worth QR1.391 billion and QR942 million, respectively. This consistent performance reflects the sector’s dynamic nature and its significant economic contributions.
Economic and Legislative Catalysts
The surge in Qatar’s real estate sector can be attributed to the robust Qatari economy, expansive construction activities, and the successful implementation of economic diversification initiatives under Qatar National Vision 2030. These factors have significantly enhanced the sector’s appeal to both local and international investors, fostering a favorable environment for real estate brokerage, registration, and ownership.
January witnessed 362 real estate transactions valued at QR1.919 billion, indicating a 10% increase in sales and a 21% rise in traded areas compared to December 2023. The most active municipalities in terms of financial value were Doha, Al Rayyan, and Al Dhaayen, followed closely by Al Wakrah, Umm Salal, Al Shamal, Al Khor and Al Dhakira.
February continued the trend with around 350 transactions, totaling QR1.391 billion. The trading volume for March stood at QR942 million, maintaining the sector’s positive momentum.
Comparison with 2023 Performance
In 2023, the real estate sector recorded transactions worth QR16.703 billion across 3,579 deals, showcasing significant growth and momentum. February 2023 emerged as a standout month with 382 transactions, highlighting the sector’s vibrant activity and its critical role in Qatar’s economic development. This was followed by March with 340 transactions, then May 337 transactions.
When compared to real estate trading movement during 2022, the highest movement was seen in June (517), September (509) and February (445) transactions.
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Villa prices saw particularly strong growth, with capital values increasing by 33.4 percent year-on-year
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Dubai’s real estate market showed strong performance in the second quarter of 2024, with notable increases across the residential, office, and retail sectors, according to a new ValuStrat real estate report for Q2 2024.
Villa prices experienced particularly strong growth, with capital values rising by 33.4 percent year-on-year.
Haider Tuaima, Director and Head of Real Estate Research at ValuStrat said: “The Dubai real estate market has shown impressive growth and resilience in recent months. The ValuStrat Price Index for Residential Capital Values increased by 6.4 percent quarterly and 28.2 percent annually, reaching 178.2 points.
“Despite severe flooding caused by record rainfalls in April, the quick and effective response from developers and authorities helped to control the damage, ensuring that market activity and property valuations remained robust in the subsequent months.”
The office sector also performed well, with the VPI for office capital values surging by 31.7 percent annually and 9.4 percent quarterly, reaching 212.5 points—the highest quarterly increase in a decade.
In the retail sector, Emaar Properties reported 98 percent occupancy in their prime mall assets, while overall mall occupancy stood at 96 percent during the first quarter of 2024. The hospitality sector also saw growth, with total international guests reaching 8.12 million as of May 2024, a 9.9 percent increase compared to the same period last year. Hotel occupancy reached 81 percent, rising by 1.4 percent year-on-year.
Despite these positive indicators, Tuaima added, “The decline in transaction volumes calls for a closer examination of market dynamics as stakeholders navigate this evolving landscape.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
