Doha, Qatar: An estimated 410 housing units were delivered during the third quarter of 2024 in Qatar across mid-rise residential buildings and standalone villas.
According to a report released yesterday by ValuStrat, total residential stock from July to September was nearly 396,000 units, with apartments accounting for 248,000 and villas 148,000,
The quarterly report notes that this year’s supply predicts 7,000 apartments. Notable projects include Corniche Park Towers - 240,
Thirty-Five Tower - 245, Gewan Island -586, Fox Hills and Erkyah -570, and mixed developments in Doha with 850 units. 4,000 residences are expected to be delivered in the coming year with around 40 percent in the iconic Lusail city.
However, the volume of transactions for residential houses in the previous quarter plunged by 18 percent Q-o-Q and 15 percent compared to 2023. The median ticket size of residential houses amounted to QR2.6m, down by 7 percent quarterly and 1.9
The report states that the top transacted areas for residential houses were Al Wukair, Umm Qarn, Nuaija, Al Khor, The Pearl Qatar, and Al Qassar with an increase of 18 percent in their total transaction value and a 28 percent rise in their volume Q-o-Q.
The median monthly rental rate for residential apartments remained steady in the quarter but dropped by 4.7 percent Y-o-Y.
The data also shows that the median monthly lease value for apartments with a QR6,000, unchanged since Q2 2024, however, slipped by 5.5 percent yearly.
For one-bedroom apartments, the median monthly lease rate is QR5,000, for two-bedroom at QR6,250, and for a three-bedroom, the rental rate is QR8,000.
On the other hand, rents in West Bay and Lusail fell by 3 percent and 5 percent respectively compared to the previous quarter. However, the leasing rate in The Pearl climbed upwards by 5 percent Q-o-Q.
Industry experts note that 13,000 apartment rental contracts were signed in the previous quarter, evaluating a slip of 7.4 percent yearly. New agreements accounted for 96 percent of the total leases Al Wukair, Al Mashaf, and Al Thumama cumulatively were the top contracted areas with 3,552 leases, measuring a boost of 12 percent since last quarter.
ValuStrat data indicates that the median rent for villas increased by 1.1 percent Q-o-Q and remained stable when compared to 2023.
Rents in Al Duhail, Al Gharrafa, Al Waab, and Al Wakra measured a slight increase compared to last quarter.
The median monthly rate for a three-bedroom villa apartment stood at QR11,750, for a four-bedroom villa at QR12,250, and a five-bedroom villa at QR14,000.
Analysts stressed that more than 5,200 villa lease contracts were inked between July and September, reflecting an upsurge of 3.4 percent Y-o-Y.
The report further underlined that new tenancies accounted for 93 percent of the total agreements, adding that Soudan, Aziziya, Ghanim, and Murrah were among the top leased residential places with over 672 contracts, highlighting a leap of 27 percent since the second quarter of the year.
For a detailed perspective on the property market, visit: Qatar - Real Estate Review Q3 2024
