Qatar Real Estate Market Shows Steady Growth in 2024

Qatar’s real estate market stayed stable over the past year, with results closely matching expectations. While there were small drops in some areas, the market showed signs of improvement in the second half of the year. The residential market, especially larger, high-end apartments, performed better in certain areas. This was shared in the Real Estate Research Review 2024/2025 Outlook by ValuStrat, released yesterday.

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Mortgage activity followed interest rate trends. There were more transactions in the first half of the year, possibly due to the expectation of higher interest rates. However, in the third quarter, mortgage activity slowed down as interest rates eased.

In the fourth quarter, the market showed a strong recovery. Transactions rose by 25% compared to last year, and the value of these transactions increased by an impressive 168%. This shows that buyers took advantage of better conditions.

The first quarter of 2024 saw the launch of Qatar’s Unified Real Estate Platform, which provides updated information on property leasing, sales, and mortgages. During this time, Murano Tower and Tower 33 in Lusail Marina were completed, adding 365 apartments to the market.

Mortgage transactions continued to grow, with 236 transactions across all types of properties in the first quarter of 2024. The total value of these transactions reached QR16.8 billion, an increase of 89% compared to the previous quarter and a 36.8% increase compared to last year.

In the second quarter, there were 253 mortgage transactions, a 10% increase from last year. However, the total value of these transactions dropped by 11.7% to QR12.6 billion.

The third quarter saw a drop in mortgage transactions, with 227 transactions, down 8.5% compared to last year. However, the total value of these transactions rose to QR6.8 billion, an increase of 7.9% from the same period in 2023.

The fourth quarter saw important new projects. The Land of Legends theme park opened in the Simaisma project, covering 8 million square meters. Qatari Diar launched luxury waterfront townhouses at The Seef, and Barwa Real Estate Group launched Barwa Hills in Lusail, with 57 one-bedroom units.

In this quarter, there were 294 mortgage transactions, a 23.5% increase from last year. The total value of these transactions reached QR24.8 billion, a 168% increase compared to the same period in 2023.

Looking forward to 2025, the real estate market in Qatar is expected to stay stable with a positive outlook. While the market has been stable recently, early signs of improvement in some areas suggest that other parts of the market might also see growth.