Qatar’s real estate price index hit 202.43 the lowest level since the Qatar Central Bank began making data available in January 2020.
April 2024 marks the fourth consecutive month of a downward trend, which began when the index fell from 225.12 in December 2023 to 223.1 in January 2024, based on the figures provided by the Ministry of Justice.
The country’s previous lowest level recorded was 202.5 in February 2021.
The decline in real estate prices is expected to attract opportunistic investors, noted Qatar-based real estate marketplace hapondo.
“Real estate is cyclical, and waiting for the right opportunity to buy and sell is key,” said Ahmad Al-Khanji, CEO of the online platform. “For the opportunistic buyer, this means greater leverage in negotiating for value, using strategies such as land banking and buying a portfolio of assets,”
Qatar Real Estate Price Index
Despite the decline in the index, appetite for real estate shows little signs of slowing down. In April 2024, the volume of real estate trading in sale contracts in Qatar registered with the Real Estate Registration Department at the Ministry of Justice amounted to QAR811,561,323 ($222.86 million), as a result of 201 real estate transactions.
In April, the top performing municipalities in terms of the financial value of real estate transactions were Doha, Al Rayyan, and Al Wakrah, followed by Al Dhaayen, Umm Salal, Al Khor and Al Dhakira, and Al Shamal.
During Q1 2024, hapondo stated the number of transactions reached 1,181, beating the 1,104 deals recorded by the Ministry of Justice a year earlier.
