Post by : Elena Malik
In Doha, Qatar, there's a surge in demand for residential properties, with many new projects slated for development in 2024. According to Anum Hassan, head of the Research team at ValuStrat, rents saw a 7% annual decrease by the end of 2023, stabilizing in Q4. Over 6,000 units are expected in 2024, primarily apartment buildings.
Post-FIFA, Qatar experienced a fluctuation in the residential market, witnessing a decline in rental prices nationwide. Following the conclusion of the World Cup 2022, occupancy dropped significantly in the first half of 2023, leading to a 5% YoY decrease in rents compared to Q2 2022. However, a slowdown in residential supply growth and increased demand in the latter half of the year mitigated the rental decrease.
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Doha remains a top choice for living due to its proximity to business and financial centers. Premium locations in the city are preferred, with residential projects being absorbed within 3-6 months. Conversely, the lack of new villa constructions in recent years has contributed to high occupancy and stable rentals in villa complexes across Qatar.
The residential sales market experienced a decline in transaction volume in 2023, signaling a slowdown. Changes in mortgage regulations are expected to stimulate activity in the medium term.
ValuStrat's quarterly report for Q4 2023 noted stability in the market but a 1.7% annual decline to reach 64.1 points, based on a 100-point index set in Q1 2016. Average capital values of apartments remained stable quarter-on-quarter but decreased by 2% year-on-year, with prices in prominent areas like The Pearl Island, Lusial, and West Bay Lagoon remaining steady compared to previous quarters.
Meanwhile, Mordor Intelligence forecasts a compound annual growth rate of 6.24% for the Qatar residential real estate market, with the sector valued at $4.28 billion in 2024.
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