Qatar's Real Estate Market Experiences a Dip to $4.6 Billion in Transactions | Kanebridge News
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Qatar’s Real Estate Market Experiences a Dip to $4.6 Billion in Transactions

Mon, Feb 26, 2024 3:40pmGrey Clock 2 min

The Homegrown property portal, hapondo, has released its Qatar Property Report for Q4 2023, offering critical insights into the market’s performance over the last quarter and the year as a whole. The report highlights a downturn in transaction values, with mortgage volumes falling 31% in 2023 to QR45.6 billion ($12.5 billion).

Despite a general slowdown, the residential real estate sector in Qatar remained active in 2023, largely fueled by a steady demand for housing. Following the FIFA World Cup Qatar 2022, the residential market has shown resilience against anticipated post-event slowdowns, with investments in apartments continuing to rise.

The Ministry of Justice noted that sales of residential units reached QR2.75 billion ($754 million), an 82% increase from QR1.51 billion ($414 million) in 2022. The average transaction size for residential properties also saw a 26% increase, from QR2.1 million ($576,000) in 2022 to QR2.64 million ($724,000) in 2023.

Hapondo’s research indicates that villas and houses accounted for about 56% of the trading volume, with 18% for residential units. Despite 37% of the transaction volume being for vacant land, 82% of these land deals were aimed at developing villas and houses. The gross rental yield in Doha’s prime apartment markets, West Bay, Lusail, and The Pearl, stood at 6.6%, signaling a robust real estate sector. Hapondo suggests Qatar remains an appealing investment option in the Gulf.

 

Further findings include:

– Lusail’s Marina District recorded yields of 8% for 1-bedroom and 9.2% for 2-bedroom apartments, whereas West Bay saw yields of 7.6% (1BR) and 7.9% (2BR).

– Gross yields in The Pearl were 6.4% (1BR) and 6.1% (2BR) before service charges, with stable rents and strong rental demand.

– The Pearl, followed by West Bay and Fereej Bin Mahmoud, emerged as top choices for apartment seekers.

– In Lusail’s Fox Hills, average apartment rents faced downward pressure in Q4, offering tenants greater negotiation power.

– Al Waab, Al Gharrafa, and Al Markhiya topped the list for villa rental searches, with certain areas witnessing reduced median rents in Q4, while others saw an increase.

 

The report also highlights a trend of hotels offering competitive rates for long-stay guests in the 1-bedroom category, with some hotel apartments in areas like Salata, Umm Ghuwailina, and Old Airport being more affordable than regular apartments in Q4. The gap between hotel and apartment prices is narrower for 1-bedroom units but widens for 2-bedroom categories. Hapondo anticipates hotels will continue targeting apartment tenants in 2024 to boost occupancy rates.

Office space seekers in Q4 found a variety of options, from unfurnished spaces to business centers, with significant price differences based on the level of fitting. The retail sector in Lusail, particularly in Fox Hills, showed promising growth, with the opening of Velero Mall.

Looking ahead, Hapondo predicts that Qatar’s real estate future will be influenced by both local policies and regional dynamics, urging investors to align with sectors highlighted in the National Development Strategy 3. With Saudi Arabia and the UAE intensifying efforts to attract talent and investment, competition within the Gulf’s real estate market is expected to increase.



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Tonino Lamborghini Unveils New Luxury Residences in Ras Al Khaimah

Tonino Lamborghini recently revealed a new luxury project comprising 241 units in Ras Al Khaimah, developed in partnership with Arista Developments.

Tue, May 21, 2024 2 min

Named the Tonino Lamborghini Residences, this project promises a fresh take on luxury living with its iconic design, cutting-edge amenities, and stunning sea views.

Set on Al Marjan Island, the development is adding 241 high-end units to the area’s real estate offerings, all reflecting the sleek, Italian elegance associated with the Lamborghini name.

These residences are designed to impress, featuring modern architecture that harmonizes with the scenic surroundings and interiors marked by meticulous craftsmanship and top-quality finishes.

Living in this one of the project’s units means access to a range of upscale amenities: a state-of-the-art fitness center, multiple swimming pools, beautifully landscaped gardens, and dedicated areas for children’s play. The complex also offers a business center with a conference room, an outdoor BBQ area, and a chic café, catering to all aspects of high-end living.

Arch. Abdulla Al Abdouli, Chief Executive Officer, Marjan, expressed excitement about the introduction of Tonino Lamborghini Residences to Al Marjan Island, noting the project’s blend of sustainable construction and smart home technologies. This integration, he mentioned, guarantees a luxurious lifestyle equipped with the finest modern amenities, reflecting the exquisite Italian craftsmanship. He is confident that this new venture with Arista Developments will significantly boost the allure of Al Marjan Island as a top lifestyle destination in Ras Al Khaimah for both investors and residents.

Tonino Lamborghini, President of the Tonino Lamborghini brand, said: “We are delighted to be among the pioneers in this remarkable new destination in one of the seven emirates of the UAE. Our heartfelt gratitude and recognition go to H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, for his visionary leadership and foresight, and for embracing innovative strategies to revitalize a region full of potential.”

Mr. Arthur Chu, Chairman of Arista Developments, highlighted the project’s ambition to capture the essence of the Tonino Lamborghini brand in every aspect of its design. He described the development of a prestigious residential tower on Al Marjan Island that will reflect the lifestyle and beauty synonymous with Lamborghini. From the sharp, well-defined lines of the exterior to the elegantly designed interior common areas, every detail is crafted to showcase the brand’s distinctive elegance and sophistication. Chu emphasized that the interior designs, personally crafted by Tonino Lamborghini, aim to fully immerse residents in the Italian brand’s luxurious identity.

The variety in housing options is vast, ranging from one and two-bedroom apartments to duplexes, sea view villas, signature villas, and exclusive penthouses.

The collaboration between Tonino Lamborghini and Arista Developments blends iconic Italian style with expert real estate craftsmanship. This venture marks Lamborghini’s first introduction to Ras Al Khaimah and represents a commitment to setting new standards in luxury and modern living.

 

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