In the third quarter (Q3) of this year, transactions totaling QR3.597 billion took place in Qatar’s real estate market. Data from the Ministry of Justice show that 855 transactions were recorded nationwide.
With a total value of QR1.548 billion, real estate transactions reached their peak in July 2023. In comparison to the third quarter of 2022, there were more real estate index records made. With a total value of QR1.011 billion in August 2023, it was lower than the same period in 2022. Similarly, in September of this year, it was lower than in September 2022, with a total value of QR1.037 billion.
Official data indicates that the real estate market index for the third quarter of 2023 showed that Doha Municipality, Al Rayyan Municipality, and finally Al Dhaayen were the most active in terms of financial value. Doha Municipality’s transactions had a financial value of QR1.444 billion, while Al Rayyan Municipality came in second with a trading value of QR969 million. Third place goes to Al Wakra Municipality, whose transaction value was QR411 million.
Al Rayyan Municipality, which sold 30% of the properties during Q3, 2023, was the most active municipality, followed by Doha and Al Dhaayen Municipality, which sold 23% and 16% of the properties, respectively. When it came to the number of properties sold in the second quarter of 2022, Doha Municipality led the pack with 31%, followed by Al Daayen and Al Rayyan Municipalities with 22% and 21%, respectively.
Based on the area index, Al Rayyan Municipality accounted for 33 percent of all real estate trading activity during Q3, 2023, followed by Doha and Al Wakrah Municipalities, with 21 percent each.
With five properties in the Doha Municipality, three in the Al Rayyan Municipality, and two in the Al Wakrah Municipality, trading revealed the highest value of ten properties for Q3, 2023.
Following the mortgage activity and volume of transactions in the third quarter of 2023, it was discovered that six of the ten most mortgaged properties were located in Doha Municipality. Three properties were registered by the Municipality of Al Rayyan, and one mortgaged property was registered by the Al Daayen.
In the third quarter of 2023, the value of all mortgage transactions processed was 54 percent of the volume of mortgage transactions for the top 10 real estate properties.
When comparing the third quarter of 2023 to the third quarter of 2022, the trading volume in The Pearl and Al Qassar areas increased. With a total value of QR624 million, 353 residential units were sold. In Q3, 2022, there were 204 transactions involving residential units, totaling Q454 million in value.