• In the first half of 2024, the issuance of new building permits rose by 4.9% compared to the same period in 2023, totaling 3,998 permits. Despite this year-on-year increase, overall permit activity showed signs of stagnation. 

• Despite having the lowest number of building permits for the year (466 in April 2024), there was still a 22% increase compared to the previous year (383), compared to last year, May saw a slight annual increase of 3.2%. However, it surged 67.8% compared to April 2024. However, this momentum softened in June, which registered a decline to 543 permits, reflecting a cautious market sentiment.

• Al Rayyan emerged as the leading region for new building permits in 2024, capturing nearly 29% of the market share. Following closely were Al Doha at 20.6% and Al Daayen at 18.1%. In contrast, Al Shamal and Al Sheehaniya accounted for the smallest portions, with 1.4% and 2.8% respectively.

Qatar H1 2024, Market Watch Residential Real Estate Insights

• In the first half of 2024, the Bahrain real estate market experienced a remarkable surge. The total value of sales transactions exceeded the annual total for 2023, reaching an impressive 680.4 million Bahraini Dinars (BHD) compared to 662.8 million BHD in the previous year.

• This increase was driven by fewer but more valuable transactions, as only 4,939 sales were recorded in H1 2024, representing approximately 50% of the total number of transactions for the entire year. This suggests a trend towards higher-priced property types and a shift in market dynamics.

Bahrain H1 2024, Market Watch Residential Real Estate Insights

• Qatar has become one of the world's wealthiest economies with a 
   GDP per capita of $75,000 in 2023.
• The nominal GDP is expected to reach nearly 840 Billion QAR by 
   2024 and almost 1,366 Billion QAR by 2028.
• The real estate activities and construction sectors contribute 
   significantly to GDP, though their share is expected to decrease 
   slightly by 2028.
• The 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.

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