The Qatar residential real estate market is anticipated to grow at a CAGR of 11.5%.
Building permits have increased by double digits in Doha and Um Salal municipalities over the last few years, despite the number of permits issued nationwide falling this February.
As many as 644 building permits were issued in Qatar in February 2023, a 7.6% annual decline during the review period, according to data made public by the Planning and Statistics Authority.
Together, the municipalities of Al Rayyan, Doha, and Al Wakra accounted for 70% of all building permits issued in February 2023.
The data on building permits is particularly significant because it is considered to be an assessment of how well the construction industry is doing, which in turn plays a significant role in the overall health of the national economy.
On an annualised basis, the total number of building permits issued in Doha, Um Salal and Al Rayyan increased, while those in Al Shamal, Al Shahaniya, Al Wakra, Al Daayen and Al Khor decreased.
The total number of building completion certificates issued in Qatar have decreased by 11% month over month, with Al Shamal recording a 40% decrease in February 2023, Doha recording a 30% decline, Al Rayyan recording a 23% decline, and Al Daayen recording a 17% decline.
In contrast, Al Khor experienced 143% growth, followed by Um Salal (21%), Al Shahaniya (14%) and Al Wakra (5%).
In February 2023, Al Wakra accounted for 24% of the total number of building completion certificates issued during the review period.
As many as 51 of the 181 villas for which completion certificates were issued in February 2023 were in Al Rayyan, 42 in Al Daayen, 36 in Al Wakra, 20 in Doha and Um Salal, 8 in Al Khor, and 2 in each of Al Shamal and Al Shahaniya.