Doha:Qatar’s real estate market witnessed a remarkable growth in the month of November 2018, with the total value of transactions reaching at QR2.66bn, registering a double-digit growth of 52.6 percent month-on-month compared to QR1.74bn reported in October 2018, official data show.
When compared on year-on-year basis, the transaction value in November recorded a growth of 5.7 percent against QR2.51bn registered in the corresponding month previous year (November 2017), according to the latest edition of the Qatar Monthly Statistics released by the Ministry of Development Planning and Statistics.
The number of total real estate properties sold in November 2018, across all municipalities, reached 344, up 3.6 percent compared to 332 transactions in the previous month. On year-on-year basis the number of total deals signed in November was down 13.1 percent compared to 396 deals inked in the same month previous year.
Al Rayyan municipality stood on top, both in terms of the value of deals as well as the number of transactions. The combined of value of transactions in Al Rayyan municipality reached at QR1.60bn, accounting for over 60 percent of the total deal value.
The monthly value of total deals in the municipality jumped by 242.8 percent in November compared to QR469.4m in October 2018. Even on yearly basis, the deal value in Al Rayyan municipality increased by 95 percent compared to QR825.3m in November 2017.
Doha municipality ranked second, both in terms of the combined value of deals and the number of transactions. The total value of deals in Doha stood at QR599.6m, accounting for 22 percent of the total deal value in November.
Al Rayyan and Doha municipalities inked 85 and 82 deals, respectively, accounting for nearly half of the total number of transactions made in November across all municipalities.
Al Daayen municipality stood at the third position, both in terms of the number of transactions as well as total deal value. The total value of deals reached QR217.8m from 71 deals during the month, registering a year-on-year growth of over 40 percent compared to QR155.2m worth of deals signed in November 2017. The municipality accounted for over 20 percent of the total transactions for the month of November 2018.
When analysing in terms of the types of properties, vacant plots of land dominated the real estate transactions in November 2018 with the total value of QR1.70bn, accounting for nearly 64 percent of the total deal value, registering a month-on-month growth of about 385 percent compared to QR352.7m in October 2018.
Villa Complexes and Apartment Buildings stood at the second and third position with the combined deal values of QR313.1m and QR294.2m, respectively. The transaction value for the Apartment Buildings in November increased by 76.5 percent compared to QR166.7m in the previous month, while the value of the Villa Complexes in November remained unchanged compared to October 2018 value.
In terms of the surge in the number of transactions Al Shamal Municipality witnessed the highest growth of 181.8 percent with 31 deals signed in November against 11 deals recorded in the previous month. On yearly basis, the number of transactions has growth by 82.4 percent.
