In August, sales of real estate in Qatar totaled more than $277 million, with purchases in the capital city of Doha dominating the market.
Data from the real estate registration division of the Ministry of Justice showed that Qatar saw a total of 297 trades during the month totaling QAR1,011,404,475, with Doha, Al Rayyan, and Al Wakrah emerging as the most active markets.
Al Rayyan and Al Wakrah reported deals at QAR266.9 million and QAR191.7 million, respectively, while Doha reported transactions totaling more than QAR 290 million.
The implementation of new rules aimed at luring domestic and foreign money has helped Qatar’s real estate market thrive, according to a statement from the Qatar News Agency, which did not include growth rates or comparative information.
Al Rayyan was the most active market in terms of the quantity of sold homes, accounting for 30% of the transactions, followed by Doha (19%) and Al Wakrah (14%).
A total of 85 mortgage transactions for roughly QAR3.4 billion were also completed throughout the month. Al Dhaayen and Umm Salal were second and third, with 10 agreements each, and Doha had the most mortgage deals (38), accounting for nearly half (44.7%) of the total number of mortgaged houses.
According to Knight Frank, residential sales transactions in Qatar experienced a 36% reduction during the previous 12 months to Q2 2023, while the value of residential deals fell by 24% during the same time.
“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.