Doha, Qatar: Qatar’s real estate sector saw growth in July this year as the number of properties sold witnessed rise. The total number of properties sold totalled 258 in the country in July 2023 registering a monthly increase of 7.1 percent according to the figures released by the Planning and Statistics Authority (PSA).

Properties for sale are in high demand in the real estate market in Qatar. Of the total number of sold properties by municipality, Al Rayyan constituted 94 properties showing a rise of 71 percent on year on year basis, followed by properties from Doha 61 (32.6 percent), Al Daayen 46 (12.2 percent), Al Wakra 22 (4.8 percent) in July 2023.

Qatar saw a total of QR1,548.8m worth of properties sold in July 2023 showing a yearly rise of 32.5 percent and decline of 1.6 percent on monthly basis.

Surging investments in Qatar have helped in developing businesses and real estate demands with the expansion of commercial properties. Increasing projects of real estate have added to the growth momentum bolstering the country’s economy with several business projects implemented. As investors are attracted toward the resilient market in the region, the realty sector of the country is poised to boost the economy.

The total properties sold by municipality in Doha reported jump of 66.1 percent and 21.2 percent on annualised and monthly basis. While, Al Rayyan witnessed a increase of 24.3 percent, Al Wakra 127.8 percent, Al Khor and Thakhira 38.8 percent in July 2023. Umm Slal, Al Shamal, Al Daayen saw a decline of 54.7 percent, 47.3 percent, and 1.3 percent year on year.

Qatar saw as many as 634 building permits issued in July 2023, showing an increase of 15.3 percent on year-on-year basis, in the review period, according to PSA data. Doha, Al Rayyan, Al Daayen, Al Wakra, Al Shamal, Al Khor and Al Thakira municipalities saw a rise of 10.1 percent, 75.4 percent, 3 percent, 175 percent, and 52.2 percent respectively in July.

The building permits data is of particular importance as it is considered an indicator for the performance of the construction sector which in turn occupies a significant position in the national economy.

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