Qatar's housing market shows strong growth in Q4 2024

Qatar’s home market grew strong in the last three months of 2024. Many new houses and flats were built, and more people moved into new homes. By the end of the year, Qatar had a total of 399,542 homes. This number includes 251,513 flats and 148,029 villas. Around 3,000 new flats and 100 new villas were added in this time. Big new buildings came up in places like The Pearl’s Giardino, Floresta, and La Plage South, along with 742 new flats in Lusail Marina. Rich waterfront homes were also built at The Seef by Qatari Diar. Another big project was the first part of Barwa Hills in Lusail, which had 57 one-bedroom flats.

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People were buying more homes than before, and smaller flats with one or two bedrooms were the most popular. Even in older areas of Doha, house prices went up slightly. More people were taking loans to buy homes, with mortgage deals rising by almost 200 percent compared to last year. Sales of villas increased by 33.7 percent in three months. The usual price for a home was QR 2.6 million, which was slightly lower than before.

Doha and Al Rayyan had the most home sales. The Pearl Island and Al Qassar saw 34.3 percent more sales compared to three months ago, and property prices in these places grew by 37.2 percent. Rents for flats remained mostly the same, but they were 3.7 percent lower than last year. The usual monthly rent was QR 5,250 for a one-bedroom flat, QR 6,250 for a two-bedroom flat, and QR 8,000 for a three-bedroom flat. Some places, like The Pearl and Lusail, had a 1 percent rise in rent due to more demand for small flats. Meanwhile, areas like Al Muraikh, Al Mansoura, Al Wakrah, and Fereej Bin Mahmoud had rent increases of up to 5 percent.

In the last three months of 2024, over 15,000 new rental agreements were signed. This was 12 percent higher than three months ago. About 95 percent of these were new leases, showing that many people were shifting to different homes. The busiest rental areas were Al Wukair, Al Mashaf, and Al Thumama, with 4,529 new leases, which was 27.5 percent more than before.

Villas also had stable rents. In some areas like Al Muraikh and Al Gharrafa, villa rents dropped by up to 5 percent, but most places saw no change. The usual rent for a three-bedroom villa was QR 11,500, a four-bedroom villa was QR 12,250, and a five-bedroom villa was QR 13,750. Around 5,500 new villa rental agreements were made, which was 3 percent more than before and 8.5 percent higher than last year. Around 88 percent of these were new contracts.

Home loans in Qatar also increased. A total of 330 mortgage deals were made in the last three months of 2024, which was 32 percent more than three months ago and 26 percent more than last year. The total value of these loans reached QR 25.2 billion, marking a big 172.3 percent jump from the same time in 2023. Doha had 95 mortgage deals worth QR 16.4 billion, the highest in five years, while Al Rayyan had 96 deals worth QR 5.4 billion.

Overall, Qatar’s home market had a strong end to 2024. More people bought and rented homes, with steady prices and more loan activity. Smaller flats were in demand, while villa prices stayed mostly the same. These trends show that investors have confidence in the market, and the future looks good for Qatar’s real estate sector.