New measures are underway to provide accurate data and monitor to streamline the real estate sector while also attracting investors.
Qatar’s real estate market saw some 947 transactions of around QAR 4.418 billion in the first quarter of the year, official figures show.
Real estate transactions peaked in February 2023, with a total value of QAR 2.040 billion, and the number of real estate indexes increased compared to the first quarter of 2022.
January 2023 saw a decline compared to the same time last year, with a total value of QAR 1.141bn, and March 2023 also saw a reduction compared to March 2022, with a total value of QAR 1.236bn.
The solid state of the Qatari economy, the broad range of construction operations, and the completion of many economic diversification plans within Qatar National Vision 2030 make the real estate sector in Qatar one of the fastest growing sectors to real estate brokerage, real estate registration, and ownership, in addition to the laws attracting local and foreign capital.
According to indicators, the most active municipalities in real estate trading during Q1 2023, according to the area index, were Al Rayyan Municipality with 32%, Al Wakrah Municipality with 23%, and Doha Municipality with 19% of the total area of transactions.
Trading revealed the greatest value of 10 properties for Q1, 2023, with 7 properties in Doha Municipality, 2 properties in Al Rayyan Municipality, and 1 property in Al Wakrah Municipality.
The trade activity in The Pearl and Al Qassar area decreased in Q1, 2023 as compared to the first quarter of 2022, where the number of deals reached 130 for residential units with a total value of QAR 277 million.
A number of measures are being taken to boost the real estate sector, including the establishment of a Real Estate Regulatory Authority, which will begin operations within two months.
Meanwhile, Ahmed Al Emadi, Director of the Legal Affairs Department at the Ministry of Municipality recently revealed that a Real Estate Platform designed to provide accurate data about the real estate market and services will be launched at the start of October.
The platform will follow the Real Estate Development Strategy to further streamline the sector.