Indicators show that Qatar’s real estate sector has continued to grow despite the COVID-19 pandemic.
The total volume of real estate transactions for August is QR4.156 billion for 497 deals, according to the Ministry of Justice’s Real Estate Registration Department, constituting a 49% increase from July in the real estate index.
The top municipalities in terms of active transactions are Al Daayen, with QR1.59 billion worth of transactions. This is followed by Doha with QR1.052 billion in sales, Umm Salal which saw QR633 million and Al Rayyan with QR619 million.
Al Daayen also topped the list in terms of number of deals in a municipality for August, constituting just over 30% of the total nationwide transactions for the month. It was followed by Al Rayyan, which stood at 19% and Doha at 18%.
The average prices per square foot of real estate in Doha are some of the highest in Qatar, ranging between QR531-QR1,055, with Al Wakrah and Al Rayyan taking the next two spots. Al Shahaniya is at the bottom of the list with average price per square foot ranging from QR125-QR304.
There was also an increase in the number of mortgage transactions for the month of August with a total value of QR3.65 billion. Doha topped the charts with QR1.8 billion worth of mortgage deals, the ministry’s statistics showed.
The data for August highlights a steady increase in Qatar’s real estate market despite the slump during the early months of 2020 due to the COVID-19 pandemic.
Private sector peaks
Earlier this month, a report by ValuStrat also confirmed resilience within the hospitality and real estate sectors in the first half of 2020.
The Middle East’s leading consulting firm and advisory group said between January and June, nearly 1,000 hotel keys were added to the country’s growing list and some 21,500 rooms are currently under construction, it said.
During the remaining period of 2020, ValuStrat estimates an approximate of 7,250 units to be added – more than last year – thanks to the country’s proactive government policies that have encouraged real estate development.
Earlier this year, the government announced a stimulus package of QR75 billion to support and provide relief to those impacted the most by the effects of COVID-19. The move helped several big and small businesses tackle financial loss due to the economic situation in the country.