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The Qatari real estate market experienced a substantial surge in activity during August, with sales totaling $277 million. The capital city, Doha, played a prominent role in this market activity, accounting for over half of the total transactions.

Qatar recorded 297 real estate transactions during the month, with Doha, Al Rayyan, and Al Wakrah emerging as the most active markets. Doha led the way with transactions exceeding $79.6 million, followed by Al Rayyan with deals worth $73.3 million and Al Wakrah with transactions valued at $52.6 million.

Regarding the number of properties sold, Al Rayyan stood out as the most active real estate market, accounting for 30% of the transactions. Doha followed as the second most active market, representing 19% of the transactions, and Al Wakrah came in third with 14%.

August also recorded 85 mortgage deals with a combined value of approximately $933.6 billion. 

Doha had the highest number of mortgage deals (38), nearly half (44.7%) of the total mortgaged properties, followed by Al Dhaayen and Umm Salal with 10 deals each.

According to Knight Frank’s Summer 2023 Qatar Real Estate Market Review, Residential sales transactions in the country had registered a 36% decline over the 12 months to Q2 2023, while the value of residential transactions dropped by 24% over the same period.

“The housing market in Qatar faces challenges as demand weakens against growing supply glut stemming from the construction boom leading up to the 2022 FIFA World Cup,” Knight Frank said.

“This supply-demand imbalance, coupled with rising interest rates, which are fuelling affordability challenges, are together contributing to a shrinking mortgage market, while at the same time, the number of home sales is declining,” they added.