The growth was attributed to factors including a strong GDP increase, an ever-growing population, expanding employment opportunities, and new government policies.
Qatar’s real estate sector witnessed a significant surge last year, boasting 3,579 transactions valued at a staggering QAR16.703 billion ($4.59 billion), as reported by the Ministry of Justice.
This is attributed to an amalgam of factors, including strong GDP growth, an ever-growing population, expanding employment opportunities, and new government policies.
The pinnacle of this real estate upsurge was observed in February 2023, as Qatar experienced unprecedented momentum with 382 transactions amounting to QAR 2.040 billion.
Close behind were March and May, each contributing significantly with 340 and 337 transactions, respectively.
The financial epicentres of this surge were identified in the Doha, Al Rayyan, and Al Dhaayen Municipalities, with Doha Municipal transactions leading the pack at QAR 6.820 billion, followed by Al Rayyan at QAR 4.577 billion and Al Dhaayen at QAR 2.131 billion.
Al Rayyan Municipality emerged as the leader in real estate sales, claiming 26% of the total sales last year, closely followed by Doha at 23%, while Al Dhaayen secured the third position with 16%.
In terms of trading movements, Al Rayyan maintained its dominance, standing at 32%, with Doha following at 22%, and Al Wakrah securing the third spot with 17% of the total deal area.
The volume of mortgage transactions reached a whopping 1,347 in 2023, totalling QAR 45.641 billion.
Doha Municipality dominated the mortgage landscape with 547 transactions, closely followed by Al Rayyan with 360, and Al Dhaayen secured the third spot with 226 transactions.
In terms of value, Doha Municipality led the way with QAR 30.055 billion, while Al Shamal Municipality registered the lowest value at QAR 17.872 million.
Qatar’s real estate landscape experienced a paradigm shift with investor-friendly reforms introduced in 2023. Non-Qataris were granted the opportunity to own property and invest in the sector, entailing perks such as permanent residency, free healthcare, education, and the ability to invest in specific commercial activities.
Non-Qataris investing no less than QAR 3.65 million (approximately $1 million) in real estate in Qatar can obtain a real estate resident permit, with permanent residency privileges, including free healthcare and education.
As for properties valued not less than QAR 730,000 (approximately $200,000), non-Qatari owners can attain a residency permit without a local sponsor, provided they meet residency requirements.
