Since the first quarter of the year, many projects have been lined up, giving the housing market in Qatar a boost.
In Q1 2023, the residential stock increased by about 1,200 units, bringing it to 336,440 units, according to ValuStrat. Almost 42% of these units are villas, and 58% are apartments.
The Grand Zone at the Mall of Qatar, which now has 1,023 apartments, the Al Darwish Residential Tower in West Bay, which has 160 apartments, and a residential building with 150 apartments in Lusail city’s Waterfront District are a few of the noteworthy projects that were put into action.
Sales for the 71-unit La Mer Villas on Qetaifan Island North and the 112-unit Blossom Residential Tower in Al Erkhyah Lusail have also begun.
According to the research, there are 11,700 units in the pipeline for residential construction projects that are expected to be completed this year, 52 percent of which will be built in Lusail and The Pearl.
According to ValuStrat, the number of transactions increased dramatically from quarter to quarter by 9.6 percent, but decreased by 36.4 percent from Q1 2022.
Residential units’ median ticket size was QR2.8 million, representing a quarterly fall of 1.8 percent but a yearly growth of 7.6 percent.
Al Khor, Muaither, and Umm Karn, among other places, possessed the biggest number of residential housing sales were made in places like Al Khor, Muaither, and Umm Karn in the first quarter of the year.
While the projects’ good effects persisted after the FIFA World Cup, the majority of the transactions—43—involved residential properties in Old Airport, Fereej Abdul Aziz, and Al Mansoura.
The volume and value of transactions in The Pearl Qatar and Al Qassar, however, decreased by 30% and 17%, respectively, year over year during the first three months of the year, according to the report.
The median asking residential rent increased by 3% compared to the listed rent during the same period in 2022, although it fell sharply by 5.1 percent quarterly to QR9,250.
According to ValuStrat, the median asking rent fell by 5.4 percent quarter over quarter as the flat sub-segment continued to undergo market corrections.
The largest quarterly depreciation, of 8 and 9 percent, was seen in the average stated rents for flats in financial centres like Lusail and West Bay.
Even if the median rents in Lusail, West Bay, and The Pearl declined quarterly, they are still on average 11 percent higher than they were in the first quarter of 2022.
According to the survey, the typical stated rent for villas in Al Muraikh, Al Wakrah, and Abu Hamour increased by 4% from one quarter to the next.
Short-term Eskan lease agreements ended as the huge athletic event FIFA World Cup Qatar 2022 came to an end last year, which led to rising vacancy rates in the country’s residential sector.
