Real estate transactions declined 16% to $2 billion in 5 months

2023-06-10 15:49:48

Qatar: Real estate transactions declined 16% to $2 billion in 5 months

The value of real estate transactions registered in Qatar during the first five months of this year decreased by 16.2% to 7.219 billion riyals, equivalent to about two billion dollars, compared to approximately 8.395 billion riyals recorded in the same period last year.

The report of Al-Asmakh Real Estate Projects Company, issued today, Saturday, attributed the decrease to the desire of real estate owners and real estate companies to keep their properties and invest them in the field of leasing to achieve the greatest possible investment benefit.

The report indicated that these values ​​recorded from the beginning of January until May of this year are considered high despite their decline on an annual basis, and it is expected that this will continue until the end of 2023, despite the corrections that occurred in the real estate market, which led to a decline in real estate prices. And land and rental values ​​in varying proportions according to the regions.

In terms of residential rents, the Al-Asmakh report indicated a decline in their values ​​during the first quarter, compared to the values ​​recorded in the fourth quarter of 2022. While the monthly rents for offices maintained their prices since the beginning of this year in some areas, and their values ​​decreased in varying proportions, according to services. provided by each building.

The report emphasized that the long-term trajectory of the real estate sector in Qatar is good, especially with the remarkable volume of government investment in infrastructure projects, which provides major and important support to the real estate sector on a larger scale, pointing out that the government is implementing a number of real estate projects such as the “Msheireb” and “Msheireb” projects. “Lusail” in addition to the Pearl Island, which contributes to the creation of many promising opportunities.

The volume of real estate trading in sales contracts registered with the Ministry of Justice during the month of May amounted to more than 1.85 billion riyals, through 337 real estate transactions. The traded areas index increased by 183%.

On June 4 and 5, the first edition of the Qatar Real Estate Forum 2023 was held, with the participation of 1,500 leaders, decision-makers, experts and actors in the real estate sector at the local and international levels, and executives in a number of real estate companies in Qatar and abroad.

The participants in the forum recommended the necessity of developing a unified Gulf national strategy for real estate financing, and granting the necessary facilities to investors in order to develop the real estate sector, in addition to finding innovative housing solutions for real estate financing and free ownership for foreigners.

The forum called for working on the success of investment in the real estate field, introducing the views of the private developer in managing the internal economy, developing laws and specifications for projects, finding solutions to challenges in the financing process in the field of real estate investment, in addition to establishing a body to publish indicators to raise awareness in the real estate field, with the necessity Existence of smart systems to facilitate procedures.

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