17 January 2023

Real Estate Trade Reaches QR 3.058 Billion in December 2022

Local
  • Qatar

Doha, January 17 (QNA) - The volume of real estate trading in sales contracts registered with the Real Estate Registration Department at the Ministry of Justice in December 2022 amounted to QR 3,058,032,191.

The data of Real Estate Bulletin issued by the Ministry of Justice showed that 176 real estate deals were registered during the same month. The index of the number of traded real estate rose by 124%, compared to the number of traded real estate during November 2022.

The index of traded spaces recorded an increase of 72%. The municipalities of Doha, Al Wakrah and Al Rayyan topped the most active trades in terms of financial value during December 2022, followed by the municipalities of Al Dhaayen, Al Wakrah, Umm Slal, Al Khor and Al Dhakira, and Al Shamal in transaction volumes.

The financial value of the Doha Municipality’s transactions during the aforementioned month amounted to QR 2,074,125,091, while the financial value of the transactions of the Al Wakrah Municipality amounted to QR 610,806,780.

The Municipality of Al Rayyan’s financial value QR 149,327,053, and the transactions of the Al Dhaayen Municipality of QR 111,686,710. As for the Umm Slal Municipality, it recorded transactions worth QR 78,933,396, and Al Khor and Al Dhakhira Municipality recorded transactions worth QR 22,097,447.

In terms of the traded spaces index, the indicators showed that the municipalities of Al Wakrah, Doha, and Al Rayyan recorded the most active municipalities for the spaces of traded real estate during the month of December, with a percentage of 51% for the Municipality of Wakrah, followed by the Municipality of Doha by 31%, and Al Rayyan by 6%, while the municipalities of Al Dhaayen and Umm Slal recorded 5% each. Al Shamal, Al Khor and Al Dhakira Municipalities recording 1% of traded areas.

In terms of the index of the number of real estate transactions (real estate sold), trading indicators showed that the most active municipalities in December for the number of properties sold were the Al Rayyan Municipality by 25%, followed by the municipality of Doha by 24%, Al Dhaayen Municipality by 18%, Umm Slal by 13%, Al Wakrah by 11%, Al Khor and Al Dhakira by 6%, and Al Shamal by 3% of the total real estate transactions.

The average prices per square foot for December ranged between (QR 436 - 1292) in Doha, (QR 259 - 373) in Al Wakrah, (QR 314 - 442) in Al Rayyan, (QR 238 - 405) in Umm Slal, and (QR 370 - 526) in Al Dhaayen, (QR 526 - 370) in Al Khor and Al Dhakira, and (QR 138 - 224) in Al Shamal.

The trading volume revealed the highest value of 10 properties sold in December, including 5 properties that were registered in Al Wakrah and Doha Municipalities.
With regard to the volume of mortgage transactions during December 2022, the number of mortgage transactions that took place during the month reached 66, with a total value of QR 3,927,858,582.

The Doha Municipality recorded the highest number of mortgage transactions with 82 transactions, equivalent to 56.2% of the total number of mortgaged properties, followed by Al Rayyan Municipality with 34 transactions, equivalent to 23.3% of the total number of mortgaged properties.

Al Dhaayen Municipality recorded 13 transactions, which is equivalent to 8.9% of the total mortgaged properties, then Al Wakrah Municipality with 7 transactions, which is equivalent to 4.8%. On the other hand, Umm Slal  recorded 6 transactions, equivalent to 4.1%, and then Al Shamal Municipality with 4 transactions, equivalent to 2.7% of the total number of mortgaged properties.

With regard to the value of mortgages, Doha Municipality came in the forefront with a value of QR 2,746,721,022, while the Al Shamal Municipality recorded the lowest value of QR 7,275,000.

Looking at the movement of mortgage operations indicator by studying the ratio of the number of mortgaged properties to the ratio of their financial value, the ratio of the number of mortgaged properties is greater than the ratios of the amounts of mortgage transactions, in all areas that witnessed mortgage transactions, except for the municipalities of Doha and Al Dhaayen, where the amounts of mortgage transactions achieved a higher ratio compared to the average number of foreclosures.

By tracking the movement and volume of mortgage transactions that took place during September, the Doha Municipality recorded 8 of the top 10 mortgaged properties, and one property in each of the municipalities of Al Dhaayen and Al Rayyan, with the volume of mortgage transactions for the top 10 properties (72 percent) of the total value of all Mortgage transactions made during the month of September.

With regard to the value of mortgages, Doha Municipality came in the lead with a value of QR 2,980,695,512, while the Municipality of Al Khor and Al Dhakhira recorded the lowest value amounting to QR 10,600,000.

In view of the indicator of the movement of mortgage transactions by studying the ratio of the number of mortgaged properties to the percentage of their financial value, the result is that the percentage of the number of mortgaged properties is greater than the percentage of the amount of mortgage transactions, in all areas that witnessed mortgage transactions except for the municipality of Doha, where the amount of mortgage transactions achieved a percentage higher compared to the average number of foreclosure transactions.

By tracking the movement and volume of mortgage transactions that took place during the month of December, Doha Municipality recorded 7 out of the top 10 mortgaged properties, while Al Rayyan Municipality recorded 3 mortgaged properties.

The volume of mortgage transactions for the top 10 properties amounted to 89 percent of the total value of all mortgage transactions that took place in December.
With regard to the trading movement in the Pearl and Al Qassar areas, the number of transactions recorded in December reached 24 deals for residential units that were included buying and selling operations, with a total value of QR 56,731,600.

Real estate trading data during the month of December 2022 showed that the real estate sector continues to grow steadily and strongly in various investment and commercial fields, thus continuing the active trading movement within the sector during the recent period, especially with the issuance of new laws and decisions related to real estate brokerage, real estate registration, ownership and usufruct, in addition to the laws attracting local and foreign capital.

This data confirms the strength and solidity of the Qatari economy's foundations, and the continued growth of the real estate sector as one of its main components. (QNA)


Keywords

Economy, Qatar
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