Qatar's real estate market achieved great in 2023! The economy was strong with increased GDP, more people moved to Qatar, more jobs were created, and the government helped make things suitable for buying and selling property.
Last year, Qatar's real estate business saw a big increase with 3,579 transactions, up to QAR16.703 billion ($4.59 billion), as the Ministry of Justice reported. This increase happened because of a few reasons. Qatar's economy grew greatly, more people kept moving in, more jobs were available, and the government made new rules. The best part of this real estate boom was in February 2023, when Qatar jumped, with 382 transactions worth QAR 2.040 billion. March and May were also busy, with 340 and 337 transactions each.
The main areas of this increase were found in the Doha, Al Rayyan, and Al Dhaayen Municipalities. Doha had the highest transactions at QAR 6.820 billion, followed by Al Rayyan at QAR 4.577 billion and Al Dhaayen at QAR 2.131 billion. Al Rayyan Municipality was the top seller in real estate, making up 26% of the total sales last year, just a bit ahead of Doha at 23%. In comparison, Al Dhaayen came in third with 16%.
Regarding trading movements, Al Rayyan kept its lead with 32%, followed by Doha at 22%, and Al Wakrah took third place with 17% of the total deal area. The number of mortgage transactions in 2023 hit a high of 1,347, totaling QAR 45.641 billion. Doha Municipality was the most active in mortgages with 547 transactions, followed closely by Al Rayyan with 360, and Al Dhaayen in third place with 226 transactions.
Investor-Friendly Reforms in Qatar's Real Estate and Residency Rules
Doha Municipality was the top earner, making QAR 30.055 billion, while Al Shamal Municipality earned the least with QAR 17.872 million. Qatar's real estate rules got a big makeover in 2023. Now, people from other countries can buy property and invest here. They get benefits like staying here forever, free healthcare, education, and even doing business activities.
If non-Qataris spend at least QAR 3.65 million (that's around $1 million) on property in Qatar, they can get a special permit to live here and get all the benefits, like free healthcare and schooling. Also, if they buy a place worth at least QAR 730,000 (around $200,000), they can get a permit to live here without needing someone from Qatar to sponsor them, as long as they follow all the rules.