Qatar’s Real Estate Is Progressing with Revenue Exceeding QAR 450 million in a Single Week
Qatar's real estate is soaring with a jump in trading volume that has amounted to QAR 453,314,728 ( (around $125 million) in just 5 days. According to a report by Gulf Sate's News Agency on Monday, between May 28 and June 1, the figures represent the real estate trading in sales contracts registered at the Real Estate Registration Department at the Ministry of Justice.
The report also added that the real estate sales between May 21st and 25th recorded a good rise in figures amounting to over QR 266,634,542 ($73.2 million). The areas experiencing the boom include metropolises such as Al Rayyan, Al Daayen, Al Wakra, Doha, Al Shamal, Umm Salal, Al Khor, and Al Thakhira.
Although the real estate sales are not thriving as expected, as per the Chief of Investments at Qatari Diar Real Estate Investment Company, Ahmad Mohammad Tayeb, the property industry is anticipated to spring forth again
“The real estate industry isn’t doing so well… but in a few years, it can come back better," Tayeb said during the first Qatar Real Estate Forum. "If we look at the industry, we are not far from the world recession, but we have done better because of the World Cup.”
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In response, however, during the forum, Nasser Al Ansari, Chairman and CEO of Just Real Estate, described the current state of the Qatar post-World Cup real estate market as a "correction stage", especially in the rental sectors.
“It’s a correction stage, more than a recession. The responsibility is on the private sector,” says Al Ansari.
It’s no big surprise the real industry in Qatar is experiencing a somewhat imbalance after the 2022 World Cup that drove attention to the Gulf country, thereby raising the boom in the property market. This is in reference to the decline of up to 0.2% in the real estate market for Q1 of 2023 compared to the previous quarter, according to real estate advisory firm, ValueStrat. However, Qatar’s real estate rental market is hopeful to bounce back in the next few months, considering the upcoming events such as the Expo 2023 Doha, which is expected to have over three million worldwide visits from October 2nd, 2023 to March 28th, 2024.