Image Credit: Bloomberg
Dubai: In the second quarter of this year, Qatar’s property market saw a boost in sales due to vibrant mortgage activity, according to real estate research firm ValuStrat.
Despite this surge in sales, rents across residential, commercial, and industrial sectors experienced a decline.
Between April and June, approximately 1,300 apartments and 120 villas were constructed. ValuStrat, based in Dubai, projects around 9,000 units will be completed by the end of the year, with an additional 6,500 planned for the following year.
Residential sales increased by 35 per cent from the previous quarter and 15 per cent year-on-year.
ValuStrat attributes this increase partly to the recent improvements in mortgage regulations in Qatar, implemented since the second quarter of the previous year.
Al Rayyan represented about one-third of all residential sales, while Doha accounted for over a quarter. The Pearl Island and Al Qassar districts saw a 33 per cent decrease in total transaction value and a 28 per cent drop in volume compared to the previous quarter.
The median asking rent for apartments fell nearly 2 per cent from the previous three months and 6 per cent year-on-year. Villa rents remained mostly stable compared to the start of the year but were 1 per cent lower than the same quarter in 2023.
During April to June, 10,540 apartment leases were signed, marking a nearly 20 per cent decrease from the same period in 2023. Villa leases totalled 4,075, down 10.5 per cent from the previous year, according to ValuStrat, which cited data from the Qatar ministry of municipality and environment.
Office space rents stayed flat from the previous quarter but dropped 3.6 per cent year-on-year. Rents for shopping centres declined by 2 per cent quarter-on-quarter and 5 per cent year-on-year.
In the hospitality sector, a significant increase in tourist numbers — over 25 per cent year-on-year — drove a 38 per cent rise in revenue per available room compared to the same quarter in 2023.
Qatar is enhancing its tourism appeal with projects like the $5.5 billion (Dh20 billion) Simaisma entertainment development.
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