Qatar sees strong residential performance in Q4 2024
Doha, Qatar: Qatar witnessed a positive and strong residential performance in the fourth quarter (Q4) of last year.
The total residential stock during Q4 2024 was 399,542 units, comprising 251,513 apartments and 148,029 villas.
An estimated 3,000 apartments and 100 villas were delivered during the quarter. The notable additions included 930 units across The Pearl's Giardino, Floresta, and La Plage South, along with 742 units delivered in Lusail Marina.
The luxury waterfront townhouses were launched in the fourth quarter by Qatari Diar at The Seef and also the Barwa Real Estate Group launched the first phase of Barwa Hills in Lusail with 57 one-bedroom units, according to Q4 real estate research released by ValuStrat, yesterday.
The fourth quarter outperformed previous periods, particularly in the residential sector, while other segments remained stable or saw corrections, Anum Hassan Head of Research in Qatar at ValuStrat said.
A similar upward trend persisted in high-end districts, though this time concentrated among smaller one- and two-bedroom units. Notably, modest increments trickled into inner Doha as well. Meanwhile, mortgage transactions surged in the final quarter of 2024, nearing a 200 percent Year on Year (YoY) increase, she added.
In Q4, villa sales volume saw a substantial quarterly rise of 33.7 percent, while maintaining stability on an annual basis. The median ticket size for housing units was QR2.6m, a decline of 1.9 percent Quarter on Quarter (QoQ) and 3.7 percent YoY.
Meanwhile the highest transaction activity was recorded in Doha and Al Rayyan. The Pearl Island and Al Qassar saw sales volume rise by 34.3 percent QoQ, leading to a 37.2 percent increase in value.
The median monthly rent for residential apartments held steady quarterly but fell 3.7 percent YoY Apartment monthly lease values stabilised at QR6,000 since last quarter, reflecting a 6 percent annual drop.
For one-bedroom apartments, the median monthly lease rate was QR5,250, for two-bedrooms QR6,250, and for a three-bedroom QR8,000.
Rents in The Pearl and Lusail rose by 1 percent, driven by higher rates for one and two bedroom units, while Al Muraikh, Al Mansoura, Al Wakrah, and Fereej Bin Mahmoud saw increases of up to 5 percent.
Over 15,000 apartment rental contracts were signed in Q4, marking a 12 percent QoQ increase while remaining stable yearly. With 95 percent of contracts being new agreements, this suggests a high level of tenant mobility within the country.
Al Wukair, Al Mashaf, and Al Thumama cumulatively were the top contracted areas with 4,529 leases, measuring an increase of 27.5 percent since last quarter.
In case of villas median rent remained stable both quarterly and annually. Rents in Al Muraikh and Al Gharrafa fell by up to 5 percent QoQ, while other key areas remained unchanged.
The median monthly rent for a three-bedroom villa was QR11,500, for a four-bedroom QR12,250, and for a five-bedroom QR13,750. Around 5,500 villa lease contracts were signed during Q4 2024 reflecting an increase of 3 percent QoQ and 8.5 percent YoY. New tenancies accounted for 88 percent of the total agreements
In the fourth quarter of 2024, the Qatar real estate market witnessed 330 mortgage transactions across all asset classes of ready properties, an increase of 32 percent QoQ and 26 percent YoY. The total value attributed to mortgage transactions reached QR25.2bn during the quarter, reflecting a notable surge of 172.3 percent YoY.
Doha recorded 95 deals worth QR16.4bn, the highest transaction value in five years, while Al Rayyan saw 96 transactions totalling QR5.4bn.
© Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
The Peninsula Newspaper
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