RIDUANUR QURESHI ASSOCIATE FINANCIAL ANALYST
REPORT FROM THE PEARL GATES Qatar Real Estate Off-Plan Market Q1 2021 Qatar Real-estate market has seen significant growth in the recent year as it allows foreign buyers to own properties in freehold areas and granting resident permits. New non-Qatari ownership law no. 16 of 2018 extended freehold and leasehold areas across Qatar and also provide benefits based on the investment. According to The Planning and Statistics Authority Qatar, Real Estate experienced significant growth in sales volume by 63% in the 1st Quarter of 2021 compared to 1st Quarter of 2020. Among the freehold areas, Lusail and The Pearl Qatar are supplying the majority inventory in the real estate market including ready and off-plan apartments, villas, offices space and shops. Lusail is one of the fastest growing cities in the Middle East, Lusail City will include not only residential, hotel, and retail options, but also a wide range of community needs that includes schools, medical, sports, and entertainment. In the first Q1 of 2021, Lusail is supplying around 80% of Off-plan property and the remaining 20% is in The Pearl Qatar. Around 1,100 Off-plan properties were offered in the 1st quarter of 2021. The majority of the off-plan developments in Lusail and The Pearl Qatar are anticipated to be completed between 2022 and 2024. Developers such as Ariane Real Estate, Al Asmakh, UDC, and Qatari Diar provide excellent investment opportunities for both local and foreign investors, with flexible payment plans ranging from 4 to 6 years. The entire Off-plan property inventory consists of 45% two bedroom apartments, 31% one bedroom apartments, 7% three bedroom apartments, 6% Office Spaces, 6% percent Studio flats, and 5 percent Townhouses. The city of Lusail is divided into 19 districts, with property prices varying depending on the district's location and project. The average price of a low rise property in Lusail starts from 980,000 QAR and the average per sqm price is 12,300 QAR. In comparison, the typical pricing for a high-rise building in a premium location starts at 1.5 million QAR. THE PEARL GATES
By Location The Pearl and Lusail Listed Units
Studio (Off-Plan)
65
Average Price
980,000 QAR
Median Price
980,000 QAR
Average PSQm
Avg Discount
2%
12,250 QAR
Average Size
80 SQM
Around 65 Studio apartments will be listed in the market in various projects in The Lusail Yasmeed City during the first quarter of 2021. The average and median price of a studio apartment was about 980,000 QAR, with an average standard size and per sqm price of 80 Sqm and 12,250 QAR.
Listed Units
One Bedroom (Low Rise)
350
Average Price
1,184,006 QAR
Median Price
1,187,139 QAR
Average PSQm
Avg Discount
2%
13,156 QAR
Average Size
90 SQM
At the beginning of the first quarter, there were around 350 one-bedroom apartments for sale in The Pearl Qatar and Lusail. For low-rise projects such as Al Wadi, La Varde, and Crescent Building, the average price for a one-bedroom apartment is 1.18 million QAR, with a median price of 1.187 million QAR. The average size of the apartment is 90 Sqm, and the PPSM price is 13,156 QAR.
Data in Visualization 25,000
150
2,000,000
2,000,000
120
20,000 1,500,000
15,000
10,000
1,500,000
90
60
1,000,000
1,000,000
30
5,000 0
0 Average PSQm
0
0 Average SizePrice Average
Median Price
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Average Price
By Location The Pearl and Lusail Listed Units
One Bedroom (Premium Location)
350
Average Price
1.685,650 QAR
Median Price
1,685,650 QAR
Average PSQm
Avg Discount
2%
15,324 QAR
Average Size
110 SQM
One bedroom apartment prices in premium locations and high rise projects start from 1.5 million QAR, the average median price of the property is approximately 1.68 million QAR, the average size is 110 Sqm, and the PPSM price of the property is around 15,324 QAR.
Listed Units
Two Bedroom (Low Rise)
500
Average Price
1,711,617 QAR
Median Price
1,718,665 QAR
Average PSQm
Avg Discount
2%
13,166 QAR
Average Size
130 SQM
Two-bedroom apartments account for 45 percent of total off-plan property in the first quarter of 2021. Around 500 two-bedroom apartments were placed on the market, with 70% of them in Yasmeen City, Al-Erkyah, and the Lusail Marina District, and 30% in Lusail Waterfront. The average and median price of a low-rise project was about 1.7 million, with an average PPSM of 13,166 QAR.
Data in Visualization 25,000
300
2,000,000
2,000,000
240
20,000 1,500,000
15,000
10,000
1,500,000
180
120
1,000,000
1,000,000
60
5,000 0
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0
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By Location The Pearl and Lusail Listed Units
Two Bedroom (Premium Location)
500
Average Price
2,499,270 QAR
Median Price
2,499,270 QAR
Average PSQm
Avg Discount
2%
15,620 QAR
Average Size
160 SQM
The average and median price for a two-bedroom apartment in a premium project like Skala and Seef in Lusail Waterfront is approximately 2.5 million, the usual size of the apartment is 160 Sqm, and the PPSM pricing is 15,620 QAR.
Listed Units
Three Bedroom (Low Rise)
74
Average Price
2,451,654 QAR
Median Price
2,608,115 QAR
Average PSQm
Avg Discount
2%
14,859 QAR
Average Size
165 SQM
In Lusial and The Pearl Qatar, over 74 three-bedroom off-plan properties were listed in early 2021. The average price for a three-bedroom apartment in a low-rise structure is about 2.45 million QAR, with a median price of 2.6 million QAR. The average size and PPSM price are 165 square meters and 14,859 QAR, respectively.
Data in Visualization 25,000
300
3,000,000
3,000,000
240
20,000 2,000,000
15,000
10,000
2,000,000
180
120
1,000,000
1,000,000
60
5,000 0
0 Average PSQm
0
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By Location The Pearl and Lusail Listed Units
Three Bedroom (Premium Location)
74
Average Price
3,349,650 QAR
Median Price
3,349,650 QAR
Average PSQm
Avg Discount
2%
15,580 QAR
Average Size
215 SQM
The typical price for a premium site is about 3.35 million QAR, with a normal size of 215 square meters and a PPSM of around 15,580 QAR.
Listed Units
Townhouse
54
Average Price
4,837,866 QAR
Median Price
4,837,866 QAR
Average PSQm
Avg Discount
2%
10,872 QAR
Average Size
455 SQM
In Lusail Yasmeen city, there were around 54 townhouse properties on the market. The standard size of a townhouse is 445 square meters, with an average price of 4.8 million QAR and a PPSM price of 10,872 QAR. Developers are providing a 9-year payment plan for the townhouse property.
Data in Visualization 25,000
500
5,000,000
5,000,000
400
20,000 4,000,000
15,000
10,000
4,000,000
300
200
3,000,000
3,000,000
100
5,000 0
0 Average PSQm
0
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By Location The Pearl and Lusail Listed Units
Small Office Space Total Inventory
72
Average Price
1,138,226 QAR
Median Price
1,138,226 QAR
Average PSQm
Avg Discount
2%
12,647 QAR
Average Size
90 SQM
Apart from residential property, about 72 off-plan office spaces were listed in the lusail Yasmeen city in the first quarter of 2021. The typical size of office space is 90 square meters to 130 square meters, with an average price range of 1.14 million to 2.3 million QAR. The PPSM pricing for office space is approximately 13,000 QAR.
Contracts Signed Listed Units
Medium Office Space
72
Average Price
1,749,614 QAR
Median Price
1,749,614 QAR
Average PSQm
Avg Discount
2%
13,459 QAR
Average Size
130 SQM
Recorded Sales
Data in Visualization 25,000
300
2,000,000
2,000,000
240
20,000 1,500,000
15,000
10,000
1,500,000
180
120
1,000,000
1,000,000
60
5,000 0
0 Average PSQm
0
0 Average SizePrice Average
Median Price
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Average Price
By Location The Pearl and Lusail Listed Units
Large Office Space Total Inventory
72
Average Price
3,306,362 QAR
Median Price
2,306,362 QAR
Average PSQm
Avg Discount
2%
13,179 QAR
Average Size
175 SQM
Data in Visualization 25,000
300
3,000,000
3,500,000
240
20,000 2,500,000
15,000
10,000
3,000,000
180
120
2,000,000
2,500,000
60
5,000 0
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0
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Office Address #421, 42nd floor, Marriott Marquis, Omar Al Mukhtar Street, Area 61, Street #850, Doha P.O Box: 2550
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