Despite the ongoing economic blockade imposed by some of Qatar’s neighboring states, the number of real estate transactions signed in June 2018 nearly doubled compared to the corresponding month last year.
The total number of properties sold during the month of June (across all eight municipalities in Qatar) reached 267, up 97.8 percent compared to 135 properties traded in June 2017.
When compared on month-on-month (m-o-m) basis the number has declined by 26.8 percent compared to 365 property deals inked in May 2018. But analysts say that this decline in the number of transactions in June is normal phenomenon due to Ramadan and summer season when market remains lull.
The combined value of real estate transactions signed during the month of June 2018 stood at QR1.33bn, down 62.6 percent compared to QR3.56bn in June 2017.
On monthly basis, the value of transactions declined by 24 percent against QR1.75bn in May 2018, latest official data released by the Ministry of Development, Planning and Statistics show. Al Khor and Thakhira Municipality (with 34 deals) registered the highest 350 percent growth (y-o-y), followed by Al Dayeen and Um Slal municipalities witnessing 277.8 percent and 275.0 percent growth, respectively.
In terms of the value of properties sold in different regions, Doha Municipality ranked first with the total transaction value of QR646.9m, up 96.6 percent compared to QR329.1m worth of deals signed in June 2017.
However, on m-o-m basis, the deal value of Doha Municipality declined by 39.1 percent compared to QR1.06bn recorded in May 2018, understandably due to the Eid Al Fitr holidays.
The transaction value of Al Dayeen Municipality (QR199.3m) in June witnessed the highest growth (y-o-y) of 512.3 percent, followed by Al Khor and Thakhira Municipality (QR26m) with 280.9 percent.
These real estate properties traded include vacant plots of land, villa complexes, apartment buildings, residential complexes and houses and other properties.
Out of the 267 properties sold in June this year, vacant plots of land dominated with 114 transactions, accounting for 42.6 percent of the total deals. The number of land property deals in June surged by 72.7 percent compared to 66 plots sold in June 2017.
The total value of land plots traded during the month stood at QR414.1m, down by 86.8 percent compared to QR3.12bn in June 2017. On monthly basis, the deal value declined by 17.7 percent compared to QR503.1m in May 2018.
The villa complexes stood second in terms of the number of transactions with 48 properties sold in June 2018, accounting for nearly 18 percent of the total deals signed. The transactions for the villa complexes saw a growth of 20 percent compared to a year ago.
The combined value of villas sold in June 2018 surged to QR278.7m, up 106.9 percent compared to QR134.7m in the same month last year. On a monthly comparison, the deal value of villas increased by 66.7 percent against QR167.2m in the previous month (May 2018).