Real estate sale transactions in Qatar reached more than $277 million in August, led by deals in the Gulf state’s capital, Doha.
Qatar saw a total of 297 deals during the month worth QAR1,011,404,475, with Doha, Al Rayyan and Al Wakrah emerging as the most active markets, data from the real estate registration department of the Ministry of Justice showed.
Doha had transactions worth more than QAR 290 million, while Al Rayyan and Al Wakrah posted deals worth QAR266.9 million and QAR191.7 million.
Qatar continued to see growth in the real estate sector, supported by the issuance of new laws that are aimed at attracting local and foreign capital, a statement from Qatar News Agency said, without sharing any growth rates or comparative data.
In terms of the number of sold properties, Al Rayyan was the most active market, accounting for 30% of the transactions, followed by Doha (19%) and Al Wakrah (14%).
The month also recorded 85 mortgage deals with a combined value of approximately QAR3.4 billion. Doha had the highest number of mortgage deals (38), representing nearly half (44.7%) of the total number of mortgaged properties, followed by Al Dhaayen and Umm Salal with 10 deals each.
Residential sales transactions in Qatar had registered a 36% decline over the 12 months to Q2 2023, while the value of residential transactions dropped by 24% over the same period, according to Knight Frank.
“The housing market in Qatar faces challenges as demand weakens against growing supply glut stemming from the construction boom in the lead up to the 2022 FIFA World Cup,” Knight Frank said.
(Writing by Cleofe Maceda; editing by Seban Scaria)