Doha, Qatar: The residential sector in the country stood steady on a quarterly basis during the fourth quarter (Q4) of 2023 according to the ValuStrat Price Index (VPI).
Areas such as West Bay Lagoon and Muaither saw a price increase of 1 percent compared to the previous quarter. The residential stock crossed 343,500 units for Q4 2023 with the addition of 795 homes in the last quarter.
Experts at the global consultancy firm for research and valuations noted that close to 11,000 units were delivered last year among the expected 12,500 residences in 2023. Notable projects during Q4 2023 include Al Serdal (120 apartments) and Al Kharaej (150 units) residential buildings in Lusail.
On the other hand, Just Real Estate launched the first residential building on Lusail Boulevard called The Lane Residence featuring 79 apartments across 11 floors. Meanwhile, JMJ Waterfront Residence, a luxury waterfront tower, was also launched during the previous quarter by JMJ Group Holding.
The project comprises 172 one and two-bedroom apartments and chalets in Lusail City. However, over 2,200 units were said to be in the pipeline for Q1 2024, with 40 percent concentrated in The Pearl Island and 30 percent in Lusail City.
Moreover, apartment prices observed in The Pearl Island, Lusail, and West Bay Lagoon remained robust at QR10,400, QR10,160, and QR9,620 per sq m respectively, when compared to the previous quarter.
The report underscored that the volume of transactions was boosted by 14 percent quarterly and 33 percent yearly. The median ticket size for residential units also stood steady QoQ at QR2.7m but declined 5.3 percent YoY. However, areas such as Al Rayyan, and Umm Salal received the highest volume of transactions of residential houses during Q4, 2023.
Last year, the sector also witnessed 114 transactions of residential buildings reflecting a drop of 31 percent YoY in volume, lowering the value by 19 percent annually to QR1.4bn.
However, The Pearl Qatar and Al Qassar saw an increase of 82 percent and 44 percent in transaction values and volume in 2023 as compared to the same period in
2022.
ValuStrat’s Q4 2023 report stated that the median monthly rental value of a residential unit in Qatar remained stable quarterly but down 7.4 percent when compared to the same period last year.
“Apartments in Qatar are being leased at a median rate of QR6,250 per month, depicting stability on a quarterly basis but declining 7.5 percent annually,” the report said.
The median monthly rental rate for one bedroom apartment was QR5,750, two bedrooms were QR6,750, and three bedrooms were QR8,250.
Last year, the Ministry of Municipality also launched phase one of the Qatar Real Estate Platform with 80 indicators aiming to achieve transparency in the sector.
For a detailed perspective on the property market, visit: Qatar - Real Estate Review Q4 2023
