{"id":5752,"date":"2024-05-29T10:24:52","date_gmt":"2024-05-29T06:24:52","guid":{"rendered":"https:\/\/www.propertyfinder.qa\/blog\/?p=5752"},"modified":"2024-11-21T11:08:53","modified_gmt":"2024-11-21T07:08:53","slug":"market-watch-stay-updated-on-qatars-real-estate-trends-and-insights-in-2023","status":"publish","type":"post","link":"https:\/\/www.propertyfinder.qa\/blog\/market-watch-stay-updated-on-qatars-real-estate-trends-and-insights-in-2023\/","title":{"rendered":"Market Watch: Stay Updated on Qatar\u2019s Real Estate Trends and Insights in 2023!"},"content":{"rendered":"<p><img class=\"alignnone size-medium wp-image-5770\" src=\"https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Copy-of-Blog-Artwork-2-700x366.png\" alt=\"\" width=\"700\" height=\"366\" srcset=\"https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Copy-of-Blog-Artwork-2-700x366.png 700w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Copy-of-Blog-Artwork-2-1024x535.png 1024w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Copy-of-Blog-Artwork-2-768x401.png 768w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Copy-of-Blog-Artwork-2.png 1200w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p>Curious about the Real Estate market trends in 2023, Property Finder has compiled a comprehensive report to give you a complete overview of the market.<\/p>\n<p>The full version is just out; it includes the top highlights and insights of Qatar&#8217;s markets to help you have a quick yet data-based vision over the last period; let\u2019s get into more details!<\/p>\n<p>Highlights<\/p>\n<p>Qatar has become one of the world&#8217;s wealthiest economies with a GDP per capita of <strong>$75,000<\/strong> in 2023.<br \/>\nThe nominal GDP is expected to reach nearly <strong>840 Billion QAR<\/strong> by 2024 and almost 1,366 Billion QAR by 2028.<br \/>\nThe real estate activities and construction sectors contribute significantly to GDP, though their share is expected to decrease slightly by 2028.<br \/>\nThe establishment of the Real Estate Regulatory Authority (RERA) and the launch of the Qatar Real Estate Platform are important initiatives to regulate and digitise the real estate sector.<\/p>\n<p><strong><span style=\"font-size: 14pt;\">Market Performance<\/span><\/strong><\/p>\n<p>In 2023, new building permits in Qatar decreased by <strong>11%<\/strong> to 7,912, down from 8,883 in 2022. This increase in 2021-22 was due to a backlog from COVID-19 and a new law allowing foreign companies to own property.<\/p>\n<p>Property sales declined, with transactions dropping to <strong>2,579<\/strong> from<strong> 4,184<\/strong> in 2022, and total value decreasing to <strong>16,703 QAR<\/strong> from <strong>21,204 QAR<\/strong>. Al Rayyan had the highest share of new permits at <strong>26.7%<\/strong>, followed by Al Doha at <strong>20.3%<\/strong>.<\/p>\n<p>Al Doha recorded the highest sales value at <strong>6.8 billion QAR<\/strong>, 40.8% of the total. Al Rayyan had the most transactions at 945, <strong>26.4%<\/strong> of the total. Vacant land was the most common property type sold, at <strong>50.5%<\/strong> of transactions and <strong>38.6%<\/strong> of value.<\/p>\n<p><img class=\"alignnone size-medium wp-image-5753\" style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\" src=\"https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.12.36\u202fPM-700x377.png\" alt=\"\" width=\"700\" height=\"377\" srcset=\"https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.12.36\u202fPM-700x377.png 700w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.12.36\u202fPM-1024x552.png 1024w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.12.36\u202fPM-768x414.png 768w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.12.36\u202fPM.png 1354w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<ul>\n<li>Residential houses were the second most common, making up 41.3% of transactions and <strong>32.6%<\/strong> of value.<\/li>\n<\/ul>\n<p><img class=\"alignnone size-medium wp-image-5768\" src=\"https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-29-at-9.26.01\u202fAM-700x291.png\" alt=\"\" width=\"700\" height=\"291\" srcset=\"https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-29-at-9.26.01\u202fAM-700x291.png 700w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-29-at-9.26.01\u202fAM-1024x426.png 1024w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-29-at-9.26.01\u202fAM-768x319.png 768w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-29-at-9.26.01\u202fAM-1536x638.png 1536w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-29-at-9.26.01\u202fAM.png 1622w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><span style=\"font-size: 14pt;\"><strong>Market Prospects<\/strong><\/span><\/p>\n<p><strong>Ongoing Projects in Qatar<\/strong><\/p>\n<ul>\n<li>The residential and mixed-use real estate sectors had 157 ongoing projects worth <strong>$19.1<\/strong> <strong>billion<\/strong>, accounting for <strong>61.7%<\/strong> of total projects and <strong>61.8%<\/strong> of total investments.<\/li>\n<li>The private sector dominated development, contributing 92.6% of ongoing projects and <strong>84.5%<\/strong> of <strong>$11 billion<\/strong> in investments.<\/li>\n<li>Private sector projects were concentrated in Al Daayen, Al Rayyan and Al Doha (<strong>85%<\/strong> of total investment).<\/li>\n<li>Government development was focused on 8 mega projects across 5 governorates, with Al Shamal (<strong>22%<\/strong>), Al Daayen (<strong>49.6%<\/strong>) and Ras Laffan (4 projects) seeing the most activity.<\/li>\n<li>Lusail in Al Daayen accounted for <strong>41.4%<\/strong> of total investments (<strong>$5.4 billion<\/strong> across 51 projects), all from private companies.<\/li>\n<li>Pearl Qatar in Doha had 19 ongoing projects (<strong>17.6%<\/strong> of total) valued at <strong>$1.1 billion<\/strong> (10.1% of total).<\/li>\n<li>Al Doha saw a relative decrease in new investments despite being the capital, possibly due to prior World Cup-driven development.<\/li>\n<li>Overall, <strong>62%<\/strong> of Qatar&#8217;s ongoing real estate projects have surpassed 50% completion, with <strong>24%<\/strong> nearing <strong>+90%<\/strong> completion.<\/li>\n<\/ul>\n<p><strong>Launched Projects in 2023<\/strong><\/p>\n<ul>\n<li>The number of newly launched real estate projects in Qatar declined from <strong>25<\/strong> in 2022 to<strong> 20<\/strong> in 2023. However, the total value of new projects doubled in 2023 to <strong>$1.8 billion<\/strong>, due to 3 major government projects worth <strong>$1.13 billion<\/strong>.<\/li>\n<li>The private sector accounted for <strong>85%<\/strong> of the newly launched projects in 2023.<\/li>\n<li>The government invested heavily, owning <strong>64.1%<\/strong> of the total value of newly launched projects.<\/li>\n<li>Al Daayen had the highest number (11) and value (85%) of newly launched projects in 2023, due to a <strong>$1 billion<\/strong> government project.<\/li>\n<li>The number of project owners declined from 22 in 2022 to 15 in 2023.<\/li>\n<li>The Qatari government invested <strong>$1 billion<\/strong> (56.7% of 2023 total) in the Al Rawdah &amp; Academy project in Al Daayen.<\/li>\n<li>Ariane Real Estate launched the most new projects in 2023 with 4 projects valued at <strong>$267 million<\/strong> (15.1% of 2023 total).<\/li>\n<\/ul>\n<p><img class=\"alignnone size-medium wp-image-5755\" src=\"https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.19.33\u202fPM-700x340.png\" alt=\"\" width=\"700\" height=\"340\" srcset=\"https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.19.33\u202fPM-700x340.png 700w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.19.33\u202fPM-1024x498.png 1024w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.19.33\u202fPM-768x373.png 768w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.19.33\u202fPM.png 1350w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><strong>Delivered Projects in 2023<\/strong><\/p>\n<ul>\n<li>In 2023, a total of 514 real estate projects were successfully delivered in Qatar, with a combined value of $4.5 billion.<\/li>\n<li>This represents a <strong>153%<\/strong> increase in the volume of projects delivered compared to 2022, but a <strong>22%<\/strong> decline in total value.<\/li>\n<li><strong>38%<\/strong> of the delivered projects were located in Al Wakra, accounting for <strong>42%<\/strong> of the total value.<\/li>\n<li>Al Rayyan had <strong>22%<\/strong> of the delivered projects, but they only accounted for <strong>4.6%<\/strong> of the total value.<\/li>\n<li>The private sector delivered the majority (99%) of the 509 projects, valued at <strong>$4.1 billion<\/strong>.<\/li>\n<li>The government sector delivered 5 projects valued at <strong>$388 million.<\/strong><\/li>\n<\/ul>\n<p><img class=\"alignnone size-medium wp-image-5756\" src=\"https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.21.11\u202fPM-700x307.png\" alt=\"\" width=\"700\" height=\"307\" srcset=\"https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.21.11\u202fPM-700x307.png 700w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.21.11\u202fPM-1024x449.png 1024w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.21.11\u202fPM-768x337.png 768w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.21.11\u202fPM.png 1354w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><strong><span style=\"font-size: 14pt;\">Market Trends<\/span><\/strong><\/p>\n<p><strong>Sales in 2023<\/strong><\/p>\n<ul>\n<li>The top listed communities for apartment buyers in 2023 were The Pearl Island, Lusail City, Fox Hills, Marina District, and West Bay.<\/li>\n<li>The top preferred areas for villa buyers were The Pearl Island, Al Thumama, Al Dafna, Rawdat Al Hamama, and Al Kheesa.<\/li>\n<li>There was an<strong> 8%<\/strong> increase in overall real estate performance in Qatar in 2023.<\/li>\n<li>This was largely driven by stronger performance in H1 2023, with a <strong>12.3%<\/strong> YoY increase.<br \/>\nApartment prices jumped <strong>36%<\/strong> and villa prices increased <strong>11.4%<\/strong> in H1 2023 compared to H1 2022.<\/li>\n<li>This marks the first year of positive growth in the Qatar real estate market after three years of declines.<\/li>\n<\/ul>\n<p><strong>Sales Market Trends for Apartments and Villas<\/strong><\/p>\n<p><em><strong>Sales Market Trends for Apartments in 2023<\/strong><\/em><br \/>\nThe average listed price for apartments in Qatar increased by<strong> 8%<\/strong> in 2023 compared to 2022.<\/p>\n<p><img class=\"alignnone size-medium wp-image-5758\" src=\"https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.24.07\u202fPM-458x400.png\" alt=\"\" width=\"458\" height=\"400\" srcset=\"https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.24.07\u202fPM-458x400.png 458w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.24.07\u202fPM-768x670.png 768w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.24.07\u202fPM.png 1004w\" sizes=\"(max-width: 458px) 100vw, 458px\" \/><\/p>\n<p><em><strong>Sales Market Trends for Villas in 2023<\/strong><\/em><br \/>\nIn summary, villa sales prices across Qatar saw a<strong> 5%<\/strong> overall increase in 2023, with larger homes in certain high-end areas like Al Thumama, Al Dafna, and Pearl Island experiencing particularly strong price growth.<\/p>\n<p><img class=\"alignnone wp-image-5759\" src=\"https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.24.53\u202fPM-371x400.png\" alt=\"\" width=\"461\" height=\"497\" srcset=\"https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.24.53\u202fPM-371x400.png 371w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.24.53\u202fPM-949x1024.png 949w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.24.53\u202fPM-768x829.png 768w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.24.53\u202fPM.png 984w\" sizes=\"(max-width: 461px) 100vw, 461px\" \/><\/p>\n<p><strong>Rental Market Trends for Apartments and Villas<\/strong><\/p>\n<p><strong><em>Rental Market Trends for Apartments in 2023<\/em><\/strong><br \/>\nOverall, the apartment rental market saw significant price contractions, but certain areas like Al Sadd, Lusail City, and West Bay maintained stronger ROIs, indicating continued investor interest.<\/p>\n<p><img class=\"alignnone wp-image-5761\" src=\"https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.26.35\u202fPM-329x400.png\" alt=\"\" width=\"453\" height=\"551\" srcset=\"https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.26.35\u202fPM-329x400.png 329w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.26.35\u202fPM-841x1024.png 841w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.26.35\u202fPM-768x935.png 768w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.26.35\u202fPM.png 1170w\" sizes=\"(max-width: 453px) 100vw, 453px\" \/><\/p>\n<p><em><strong>Rental Market Trends for Villas in 2023<\/strong><\/em><br \/>\nThe villa rental market saw mixed performance, with West Bay Lagoon 3-bedroom villas bucking the overall downward trend, while larger villas in areas like Al Gharrafa and Al Waab saw more significant declines.<\/p>\n<p><img class=\"alignnone wp-image-5762\" src=\"https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.27.26\u202fPM-332x400.png\" alt=\"\" width=\"444\" height=\"535\" srcset=\"https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.27.26\u202fPM-332x400.png 332w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.27.26\u202fPM-850x1024.png 850w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.27.26\u202fPM-768x925.png 768w, https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-28-at-6.27.26\u202fPM.png 1156w\" sizes=\"(max-width: 444px) 100vw, 444px\" \/><\/p>\n<p>For more insights and data, click the link below to get the full report<\/p>\n<p><a href=\"https:\/\/www.propertyfinder.qa\/blog\/wp-content\/uploads\/2024\/05\/Market-Watch-Qatar-4.pdf\">Market Watch Qatar 2023<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Curious about the Real Estate market trends in 2023, Property Finder has compiled a comprehensive report to give you a &hellip;<\/p>\n","protected":false},"author":26,"featured_media":5770,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[5,17,1],"tags":[],"translation":{"provider":"WPGlobus","version":"3.0.0","language":"en","enabled_languages":["en","ar"],"languages":{"en":{"title":true,"content":true,"excerpt":false},"ar":{"title":false,"content":false,"excerpt":false}}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.propertyfinder.qa\/blog\/wp-json\/wp\/v2\/posts\/5752"}],"collection":[{"href":"https:\/\/www.propertyfinder.qa\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.propertyfinder.qa\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.propertyfinder.qa\/blog\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/www.propertyfinder.qa\/blog\/wp-json\/wp\/v2\/comments?post=5752"}],"version-history":[{"count":7,"href":"https:\/\/www.propertyfinder.qa\/blog\/wp-json\/wp\/v2\/posts\/5752\/revisions"}],"predecessor-version":[{"id":6611,"href":"https:\/\/www.propertyfinder.qa\/blog\/wp-json\/wp\/v2\/posts\/5752\/revisions\/6611"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.propertyfinder.qa\/blog\/wp-json\/wp\/v2\/media\/5770"}],"wp:attachment":[{"href":"https:\/\/www.propertyfinder.qa\/blog\/wp-json\/wp\/v2\/media?parent=5752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.propertyfinder.qa\/blog\/wp-json\/wp\/v2\/categories?post=5752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.propertyfinder.qa\/blog\/wp-json\/wp\/v2\/tags?post=5752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}