Real Estate Trading Volume Amounts to QR 1.574 Billion in June 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 June 2023 amounted to QR1,574,575,828.

The data of the real estate analytical bulletin issued by the Ministry of Justice revealed that (301) 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 June 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 June revealed that the financial value of Doha municipality's transactions amounted to QR 682,117,639. The financial value of Al Rayyan municipality's transactions amounted to QR 426,787,506; while the financial value of Al Dhaayen municipality's transactions amounted to QR 209,715,908.

The financial value of Al Wakrah municipality's transactions amounted to QR 128,144,286. Umm Salal municipality recorded transactions with a value of QR 100,676,550, while Al Khor and Al Dhakira municipality recorded transactions with a value of QR 14,907,996, and Al Shamal municipality recorded trading with a value of QR 12,715,908.

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 June, with 29% for Al Rayyan, followed by Doha municipality with 25%, Al Wakrah with 16%. Al Dhaayen recorded 15% of the total traded spaces, Umm Salal recorded 10%, Al Shamal recorded 3%, and Al Khor and Al Dhakira recorded 2%.

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 June were Doha (24%), followed by Al Rayyan (21%), Al Dhaayen (18%), Al Wakrah and Umm Salal (15%) each, and Al Shamal (4%), while Al Khor and Al Dhakira recorded (3%) of the total real estate transactions.

Average per square foot prices for the month of June ranged between (1016-503) in Doha, (482-220) in Al Wakrah, (425-350) in Al Rayyan, (493-253) in Umm Salal, (528-285) in Al Dhaayen, (301-221) in Al Khor and Al Dhakira, and (162-173) in Al Shamal.

The trading volume revealed the highest value of (10) properties sold in June, recording (5) properties in Doha, (4) properties in Al Rayyan, and (1) in Al Dhaayen.

As for the volume of mortgage transactions that took place in June 2023, the number of mortgage transactions amounted to 93 transactions, with a total value of QR (1,361,502,248).

Doha recorded the highest number of mortgage transactions with (48) transactions, equivalent to 51.6% of the total number of mortgaged properties, followed by Al Rayyan with 22 transactions equivalent to 23.7%, Al Wakrah with 9 transactions (9.7%), Al Dhaayen with 7 transactions (7.5%), Al Khor and Al Dhakira with 3 transactions (3.2%), and Umm Salal with 3 transactions (3.2%).

As for the value of mortgages, Doha Municipality came in the lead with a value of QR 930,590,353, while Umm Salal recorded the lowest value amounting to QR 4,050,000.

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 Doha and Al Rayyan municipalities, 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 June, it is found that Doha Municipality recorded 8 of the top 10 mortgaged properties, while Al Rayyan recorded 2 mortgaged properties. The volume of mortgage transactions for the highest 10 properties reached 74% of the total value of all mortgage transactions that took place during the month of June.

As for trading in the Pearl and Al Qassar Area, the number of transactions registered in June 2023 amounted to 51 deals for residential units included in the buying and selling transactions, with a total value of QR 94,049,320.

Real estate trading data during the month of June 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)