In the third quarter of 2024, an estimated 410 dwelling units—a mix of standalone villas and mid-rise residential buildings—were delivered in Qatar.
A report published yesterday by ValuStrat states that the overall number of residential units from July to September was around 396,000, of which 248,000 were apartments and 148,000 were villas.
According to the quarterly report, 7,000 flats are anticipated to be available this year. Notable projects include the 240-unit Corniche Park Towers, the 245-unit Thirty-Five Tower, the 586-unit Gewan Island, the 570-unit Fox Hills and Erkyah, and the 850-unit mixed developments in Doha. In the upcoming year, 4,000 homes are anticipated to be delivered, with about 40% of them located in the famous city of Lusail.
However, the number of residential home purchases in the most recent quarter fell by 15% from 2023 and 18% from the preceding quarter. The median ticket size for residential homes was QR2.6m, which was a quarterly decrease of 7% and a year-over-year decrease of 1.9%.
According to the research, the locations with the highest volume of residential house transactions were Al Wukair, Umm Qarn, Nuaija, Al Khor, The Pearl Qatar, and Al Qassar. Their total transaction value increased by 18 percent, and their volume increased by 28 percent on a quarterly basis.
Although it decreased by 4.7 percent year over year, the median monthly rental rate for residential flats stayed constant during the quarter.
Additionally, according to the data, the median monthly lease value for flats with a QR6,000 rent has been constant since Q2 2024 but has decreased by 5.5% annually.
The median monthly rental rate for apartments with one bedroom is QR5,000, for apartments with two bedrooms it is QR6,250, and for apartments with three bedrooms it is QR8,000.
However, compared to the prior quarter, rents in West Bay and Lusail decreased by 3% and 5%, respectively. Nonetheless, The Pearl’s leasing rate increased by 5% on a quarterly basis.
According to industry analysts, 13,000 apartment rental contracts were signed in the most recent quarter, representing a 7.4 percent annual decline. Al Wukair, Al Mashaf, and Al Thumama together were the most contracted regions with 3,552 leases, representing a 12 percent increase from the previous quarter. New agreements made up 96% of the total leases.
According to ValuStrat statistics, the median villa rent stayed constant and rose by 1.1 percent on a quarterly basis in comparison to 2023.
In comparison to the previous quarter, rents in Al Duhail, Al Gharrafa, Al Waab, and Al Wakra increased marginally.
Three-bedroom villa apartments were priced at QR11,750 per month, four-bedroom villa apartments at QR12,250, and five-bedroom villa apartments at QR14,000.
Analysts emphasized that between July and September, over 5,200 villa lease contracts were signed, representing a 3.4 percent year-over-year increase.
With over 672 contracts, Soudan, Aziziya, Ghanim, and Murrah were among the most rented residential locations, with 93 percent of all agreements being new, according to the survey. This represents a 27 percent increase over the second quarter of the year.
