Real estate prices in Qatar have dropped to their lowest level in recent years following four consecutive months of decline, according to a new report.

The country’s Real Estate Price Index, compiled by the Qatar Central Bank, stood at 202.43 in April 2024, the lowest since earliest available data in January 2020, data published by the banking authority showed. The index had previously dropped to its lowest in February 2021 at 202.5.

The index, which is based on the figures provided by the Ministry of Justice, also posted a decline for four consecutive months, falling from 225.12 in December 2023 to a little over 202 in April.

Source: Qatar Central Bank
Source: Qatar Central Bank
Source: Qatar Central Bank

Given the decline in prices, Qatar-based real estate marketplace hapondo noted that the Qatari real estate market is likely to attract investors who are on the lookout for deals.

“For the opportunistic buyer, this means greater leverage in negotiating for value, using strategies such as land banking and buying a portfolio of assets,” said Ahmad Al-Khanji, CEO of the online platform for tenants and buyers.

“Real estate is cyclical, and waiting for the right opportunity to buy and sell is key,” he said.

Hapondo also noted that despite the decline in prices, the appetite for real estate “shows little signs of slowing down”.

The number of transactions during the first four months of the year reached 1,181, beating the 1,104 deals recorded by the Ministry of Justice a year earlier, the platform noted.

(Writing by Cleofe Maceda; editing by Seban Scaria)