Qatar H1 2024, Market Watch Residential Real Estate Insights
• 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.
• 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.
Market Prospects
• By the end of H1 2024 The residential and mixed-use real estate sectors accounted for a substantial portion of Qatar's ongoing development projects, with a combined total of 110 projects valued at USD 13.96 billion. These projects represented approximately 50.5% of all projects underway and 47.3% of total real estate investments.
• The private sector dominated Qatar's real estate development, accounting for 87.3% of ongoing projects and 68.6% of total investments, valued at USD 11.14 billion, by the end of H1 2024. While the government contributed to nine mega projects spread across six governorates, the private sector was concentrated in three: Al Doha, Al Rayyan, and Al Wakra.
• These three governorates accounted for 96% of private sector investments, with Al Doha alone representing 86% of ongoing projects.Al Daayen, with only one mega project, contributed significantly to government investments, accounting for nearly 35.4% of the total.
• Al Wakra followed closely, contributing approximately 30% of government investment. Although Al Khor had the highest number of government projects with three, its total investment was likely lower than Al Daayen and Al Wakra due to the size of the project.
• The private sector dominated Qatar's real estate development, accounting for 87.3% of ongoing projects and 68.6% of total investments, valued at USD 11.14 billion, by the end of H1 2024. While the government contributed to nine mega projects spread across six governorates, the private sector was concentrated in three: Al Doha, Al Rayyan, and Al Wakra.
• These three governorates accounted for 96% of private sector investments, with Al Doha alone representing 86% of ongoing projects.Al Daayen, with only one mega project, contributed significantly to government investments, accounting for nearly 35.4% of the total.
• Al Wakra followed closely, contributing approximately 30% of government investment. Although Al Khor had the highest number of government projects with three, its total investment was likely lower than Al Daayen and Al Wakra due to the size of the project.
