Real Estate Trading Volume Amounts to QR 1.548 Billion in July 2023

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The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at the Ministry of Justice in July 2023 amounted to QR1,548,821,347.

The data of the real estate analytical bulletin issued by the Ministry of Justice revealed that (258) real estate transactions were recorded during the month. Doha, Al Rayyan, and Al Dhaayen municipalities topped the most active transactions in terms of financial value in July 2023, according to the real estate market index, followed by Al Wakrah, Umm Slal, Al Khor and Al Dhakira, and Al Shamal.

The real estate market index for the month of July revealed that the financial value of Doha municipality's transactions amounted to QR 826,424,515. The financial value of Al Rayyan municipality's transactions amounted to QR 360,599,413; while the financial value of Al Dhaayen municipality's transactions amounted to QR 146,893,466.

The financial value of Al Wakrah municipality's transactions amounted to QR 124,088,180. Umm Salal municipality recorded transactions with a value of QR 63,499,203, while Al Khor and Al Dhakira municipality recorded transactions with a value of QR 20,690,000, and Al Shamal municipality recorded trading with a value of QR 6,326,570.

In terms of the traded space index, indicators reveal that Al Rayyan, Doha, and Al Wakrah municipalities recorded the most active municipalities in terms of traded real estate spaces during the month of July, with 33 percent for Al Rayyan, followed by Doha municipality with 23 percent, Al Wakrah with 23 percent. Al Dhaayen recorded 11 percent of the total traded spaces, Umm Salal recorded 6 percent, Al Khor and Al Dhakira recorded 3 percent and Al Shamal recorded 1 percent.

In terms of the index of the number of real estate transactions (sold properties), trading indices revealed that the most active municipalities during the month of July were Al Rayyan (36 percent) followed by Doha (24 percent), Al Dhaayen (18 percent), Al Wakrah (8 percent) and Umm Salal (7 percent) , Al Khor and Al Dhakira recorded (5 percent), and Al Shamal (2 percent) of the total real estate transactions.

Average per square foot prices for the month of July ranged between (1177-588) in Doha, (418-233) in Al Wakrah, (432-257) in Al Rayyan, (432-257) in Umm Salal, (574-291) in Al Dhaayen, (339-202) in Al Khor and Al Dhakira, and (150-227) in Al Shamal.

The trading volume revealed the highest value of (10) properties sold in July, recording (6) properties in Doha, (2) properties in Al Rayyan, and (1) in each of AL Wakrah and Al Dhaayen.

As for the volume of mortgage transactions that took place in July 2023, the number of mortgage transactions amounted to 315 transactions, with a total value of QR (4,358,050,731).

Doha recorded the highest number of mortgage transactions with (157) transactions, equivalent to 49.8 percent of the total number of mortgaged properties, followed by Al Dhaayen with 111 transactions equivalent to 35.2 percent, Al Rayyan with 32 transactions (10.2 percent), Umm Salal with 9 transactions (2.9 percent), Al Wakrah with 6 transactions (1.9 percent).

As for the value of mortgages, Doha Municipality came in the lead with a value of QR 2,427,022,342, while Umm Salal recorded the lowest value amounting to QR 25,571,586.

Looking at the indicator of the movement of mortgage transactions by studying the ratio of the number of mortgaged properties to the ratio of their financial value, it is found that the ratio of the number of mortgaged properties is greater than the ratio of the amounts of mortgage transactions in all municipalities that witnessed mortgage transactions, except for Al Rayyan municipality, where it is found that the amounts of mortgage transactions achieved a higher rate compared to the number of mortgage transactions.

Tracking the movement and volume of mortgage transactions that took place in July, it is found that Al Rayyan Municipality recorded 6 of the top 10 mortgaged properties, while Doha recorded 3 mortgaged properties and One of the top ten was in Al Dhaayen. The volume of mortgage transactions for the highest 10 properties reached 78 percent of the total value of all mortgage transactions that took place during the month of July.

As for trading in the Pearl and Al Qassar Area, the number of transactions registered in July 2023 amounted to 37 deals for residential units included in the buying and selling transactions, with a total value of QR 70,959,096.

Real estate trading data during the month of July 2023 reveals that the real estate sector continues to grow steadily and robustly in all investment and commercial fields to continue the movement of active trading in the sector during the recent period, especially with the issuance of new laws and decisions on real estate brokerage, real estate registration, ownership, and usufruct, along with laws that attract local and foreign capital.

(QNA)