Recent research by ValuStrat estimates that the residential stock increased by 4,700 flats and villas during the second quarter of the year, bringing the total to 341,140 units.
Mesaimeer City, which has 3,500 apartments, Burj Al Mana, which has 168 apartments, and Oryx Tower, which has 168 apartments, are a few notable housing market developments. There are also 154 flats in the Ablan Endowment Project in Fereej Bin Mahmoud.
The Voya Tower project, which will include 119 homes for sale when it is finished in 2026, was also unveiled during the quarter in Lusail’s Waterfront neighborhood. However, it is expected that 8,000 units will be built this year, of which 52% will be built in Lusail, The Pearl, and West Bay.
“The volume of transactions retracted substantially by 46.4 percent Y-o-Y and 4.7 percent Q-o-Q during Q2 2023,” the report said adding that the median transacted ticket size for residential areas amounted to QR2.7m, signaling a 3.6 percent reduction Q-o-Q. However, it still is 8 percent higher compared to the same quarter of last year. Areas including Al Thumama, Muaither, and Umm Garn had the highest volume of transactions for residential houses during the quarter, ValuStrat reports.
“The transaction volume for residential buildings fell by 23 percent Y-o-Y, with Old Airport, Umm Ghuwailina, and Fereej Abdel Aziz accounting for the majority of these transactions,” it said. The figures also indicate that the volume and value of transactions in The Pearl and Al Qassar receded by 15.4 percent and 9.7 percent Y-o-Y, respectively in the first half of 2023.
ValuStrat stated that “The median residential asking rent reduced by 2.4 percent quarterly to QR9,000 per month, 4.5 percent lower compared to Q2 2022.”
Although analysts claim that the apartment sub-market has experienced market corrections, the median monthly listed rent only decreased by 5.3 percent year over year and 2.2 percent quarter over quarter to QR6,250, respectively. Apartments in Al Wakrah and Al Sadd saw requesting rent reductions of up to 15% from Q2 2022.
The asking rentals for villas decreased by 3.3 percent Qo-Q to QR11,000 per month, according to ValuStrat, although they are still 1.6 percent higher than Q2 2022.
80 to 85 percent of the villa compounds in Abu Hamour, Al Aziziya, Duhail, and Al Waab were said to be occupied, and the average rent increased by 8 percent a year. Exceptionally, compared to other regions of the nation, villas in Al Gharrafa saw a significant quarterly decline of 7%. According to the survey, compared to other types of villas in Qatar, the median quoted rent for 5-bedroom villas fell the greatest, by 4% Q-o-Q.
