Qatar’s residential sales market revitalized: Property Finder Reports
Qatar’s real estate sector continued to show buoyancy in the first quarter of 2021. According to data from Property Finder Qatar, the country’s top property portal, demand in the sale market has skyrocketed, with a whopping 74 percent increase in recorded enquiries in Q1 of 2021 compared with Q4 of 2020.
In addition, properties for sale on the website has also seen a significant rise, with a massive 33 percent and 60 percent increase recorded for apartments and villa listings respectively on propertyfinder.qa
There is a direct correlation and impact of the county’s new property ownership laws which were introduced late last year, as well as lowered prices in high demand areas such as Al Erkyah City and West Bay, which recorded a decrease in advertised sales prices of three and four percent respectively for apartments for sale when comparing Q4 of 2020 and Q1 2021.
“Buyers who had the means to invest during 2020, were eager to take advantage of declines in sales prices, along with first time buyers also jumping on the property ladder,” commented Afaf Hashim, Country Manager at Property Finder Qatar. “Demand for the sale market in Qatar, which previously has been more of a renter’s market, is continuously increasing, especially with the enhanced government investment initiatives that have been announced.”
The demand for bigger spaces has also been growing exponentially over the past year and we are still seeing interest grow, with a 15 percent increase in villa sale searches on our website between Q4 of 2020 and Q1 of 2021.
“The addition of areas that allow for foreign real estate ownership has rejuvenated the villa sales market, especially since the majority of stock in areas prior to these laws included mostly apartments,” concluded Hashim.
“Nevertheless, we can now see an increased interest in villas for sale in Qatar, with prices starting to find more of a stable trend.”
Advertised prices for villas for sale in West Bay and in West Bay Lagoon recorded a decline of one percent and two percent respectively when comparing Q4 of 2020 and Q1 2021, while Umm Salal Ali recorded a decrease of eight percent in advertised prices for villas for sale in the same time frame.
The most popular areas for apartment sale searches in Qatar remain steady – with The Pearl, West Bay and the many different areas of Lusail commanding the top three spots in the first quarter of this year. In terms of villa sale searches, The Pearl, West Bay and Al Duhail, are the top searched areas for villas for sale in Q1 of 2021.