Riyadh Real Estate Market Sees Decline in Trading Volume
In a recent report, it was revealed that Qatar’s real estate trading volume totaled 1.11 billion Qatari riyals ($302 million) in June, showing an 11.90 percent decline from the previous month.
Property Sector Records Decrease in Transactions
Data from the Ministry of Justice indicated that the property sector recorded 285 transactions last month, marking an 11.49 percent decrease compared to May. This decline was reported by the Qatar News Agency.
Qatar’s Real Estate Sector: A Key Player in the Economy
The real estate sector in Qatar plays a vital role in the country’s economy, with substantial investments and developments. As the nation experiences growth in population and expatriates, efforts towards economic diversification are underway. The sector significantly contributes to the country’s gross domestic product and urban growth.
Projections for Qatar’s Real Estate Sector
A report from Property Finder projected Qatar’s real estate sector to reach 155.7 billion riyals by 2028. In 2023, the real estate and construction sectors grew by 3.4 percent, amounting to 132.4 billion riyals, contributing nearly 19 percent to the nation’s GDP.
Leading Municipalities in Real Estate Transactions
The latest ministry report indicated that Al Dhaayen, Al Rayyan, and Doha municipalities led Qatar in real estate transactions. In June, transactions in Al Rayyan totaled 358.69 million riyals, followed by Al Dhaayen and Doha at 290.17 million riyals and 288.98 million riyals, respectively.
Breakdown of Transaction Areas and Mortgage Transactions
In terms of traded area, Al Rayyan, Doha, and Al Dhaayen dominated, accounting for 40 percent, 24 percent, and 17 percent of the total transaction area in June. The report also highlighted 78 mortgage transactions amounting to 4.58 billion riyals in June, with Al Rayyan leading in mortgage transactions.
Residential Building Permits and Preferences
Residential unit transactions totaled 52 last month, with a cumulative value of 122.64 million riyals. Villas were identified as the predominant choice, comprising 88 percent of all new residential building permits. Apartment building licenses held an 11 percent share, while other residential buildings accounted for 1 percent.