The housing market in Qatar has begun to show the signs of progress as the demand for apartments and villas have risen in the second half of last year. Rise in the activities related to FIFA World Cup Qatar 2022 is boosting demand in Qatar’s real estate market.
“According to the Qatar Central Bank, the real estate price index increased by almost 3 percent by Q3 (third quarter) of 2021, compared to a drop of almost 6 percent in Q3 in 2020, which highlights that Qatar’s housing market is showing signs of progress,” noted the real estate report released yesterday by Property Finder Qatar.
“With the 2022 FIFA World Cup around the corner, as well as heightened regulations from the Ministry Of Justice to create a more transparent market, more and more demand is being witnessed in the market, in both the sale and rental segments,” added the report.
By the end of the year, a total of 400 villas and 4,380 apartments were handed over in the market mainly delivered in The Pearl, Lusail and West Bay. As for villas, the majority of completion took place in Luqta, Al Aziziya, Onaiza and Al Wakrah, with another 15,000 units forecasted to enter the market in 2022.
Demand for apartments for sale continues to increase as first-time buyers and investors benefit from lower prices. The addition of new areas for foreign real estate ownership has stimulated the villa sales landscape with previously dormant demand rebounding. Villa listing in most areas more than doubled over the year-on-year H2 comparison with villas for sale listings in Al Wukair jumping over 80 percent and those for Abu Hamour and Al Duhail, rising by over 50 percent.
Rental listings on Property Finder Qatar portal recorded an increase of 37 percent in Doha, 45 percent in Lusail, and 36 percent in Al Wakra, when comparing July – December 2020 and July – December 2021. In terms of sales listings, we have also witnessed an increase in that sector when comparing July – December 2020 and July – December 2021, with Doha recording an increase of almost 40 percent, as well as over a 50 percent increase in the number of listings in Lusail. This illustrates the continuous increase in supply across the market.
“Our data shows an increase in overall prices for the sale market, with Al Wakra recording a 12 percent increase, Doha recording a 19.7 percent increase and an almost 2 percent increase recorded in Lusail for advertised price per square metre,” said the report.
In terms of rental prices, Doha and Al Wakrah have both recorded an increase in the average advertised price, at 3.6 percent and 4.4 percent respectively.
