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Doha, Qatar: Qatar’s real estate sector has witnessed surge as the number of properties sold increased in April this year. The total number of properties sold totalled 201 in the country in April 2024 registering a yearly increase of 28 percent.
On yearly basis of the total number of sold properties by municipality, Al Rayyan constituted 49 properties showing a rise of 11 percent on year on year basis, followed by Al Wakra 45(309 percent), Umm Slal 22 (29.4 percent), Al Shamal 8 (700 percent), Al Khor and Thakhira 10.5 (110 percent) in April 2024.While Doha, Al Daayen, and Al Sheehaniya municipalities saw decline on yearly basis, according to figures released by the National Planning Council.
The country saw a total of QR811.6m worth of properties sold in April 2024. The real estate sector is one of the fastest growing sectors in Qatar, as it ranks second after the energy sector by attracting investments.
Qatar saw as many as 466 building permits issued in April 2024 showing a surge of 21.7 percent on yearly basis compared to April 2023. The new building permits constituted 219 permits of the total building permits issued; additions 235 and fencing 12 in April 2024.
The building permits data is of particular importance as it is considered an indicator for the performance of the construction sector which in turn occupies a significant position in the national economy.
Qatar’s real estate market has continued its upward trajectory growth during the first three months of this year. Realty sector witnessed deals worth QR4.253bn in the first quarter of 2024.
The country’s market is poised to benefit in the long-term, driven by several infrastructure projects and developments, expansion of the industry across the country, and investment-friendly initiatives implemented by the Qatari government in addition to an appetite for safe investment.
The real estate transactions achieved the highest levels during January 2024 with a total value of QR1.919bn. February 2024 registered a total value of QR1.391bn and March of this year also recorded QR942m realty transactions.
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