File photo used for representation only.
Qatar is expected to reach a stable pricing index in the coming year, despite the current price and supply fluctuations, according to Property Finder Qatar. “The slowdown impact of the pandemic continues to significantly affect the market; however, sale transactions and rental deals are rising as investors and property buyers look to take advantage of lower market prices,” said Afaf Hashem, Country Manager at Property Finder Qatar.
The platform reports shifts in rental price; which have allowed many to upgrade their accommodation, and others to take advantage of affordable prices for smaller units, such as studios. According to the Ministry of Justice’s Real Estate Bulletin; the second quarter of 2021 saw 1,244 sales transactions, valued at over QR6bn.
The Qatari market has some positive indicators with Qatar expecting to have vaccinated up to 70-80 percent of the population by October, and with the 2022 FIFA World Cup approaching, she added. “There is no shortage of investment and development in the country. The World Bank has forecast that Qatar’s economy will grow by 3 percent this year – a solid indication of post-pandemic recovery,” said Hashem.
Property Finder Qatar said supply continues to increase in the market, with Valustrat reporting that approximately 4,900 units will be handed over in H2, 2021, with the majority of apartment units in Lusail, The Pearl, Al Dafna, Luqta, Umm Ghuwailina and New Doha. Moreover, new projects awarded in the first half of the year in The Pearl, Lusail and Al Khor will add an additional 575 units by 2024.
