Recap of 2023 real estate market and what should people be prepared for in 2024!

During 2023 the real estate index had reached a near total value of five billion US dollars for (3579) real estate transactions! The real estate trading movement registrations have also shown a slight decrease when compared to its previous year (2022). The highest movement was recorded in the month of February and by the month of May 2023 the transaction movement had slightly picked up again. There is a clear change seen in figure 1, where there was an increment in changes in sale amount, properties and traded spaces.

Figure 1: Difference in performance change of real estate market

If we look at the most profitable areas of 2023 here is what has been evaluated; Doha, Rayyan and Al Dhaayen municipalities have been the most active in terms of financial value.

Moving onto the residential units in The Pearl Island and Al Qassar zone, there were 1044 deals with a total value of nearly a billion dollars which was higher than the previous year (2022). The numbers highlight that August 2023 had the highest number of transactions within those areas.

Moving onto 2024, it can be said that The Pearl Island and Qassar zone may show a decrease in numbers as Lusail City has more projects completed which are available to the Qatari/ expat market. Even though there are mixed opinions in regards to the quality of the projects and the locational benefits offered in some of the areas these projects are located in, it can be seen that some projects have reached above and beyond the expectations of the market and people are moving towards Lusail City.

Looking into the future of the real estate market of Qatar, it can be said there are many upcoming areas with quality projects arising for real estate investors and end-users. It can be seen that slowly there may be a shift in distribution as the real estate market progresses further. However, we always have one question on our mind ... When will the rents go down?

Comment your opinion and predictions of the Qatar real estate market in 2024!