44.7% rise in Qatar real estate transactions

DOHA: Witnessing a remarkable recovery, the real estate transactions during the week extended from July 14 to 18 reached to QR1.75bn ($480m) up 44.7 percent compared to QR1.21bn ($332m) during the previous week. And the number of total transactions during the period increased by a whopping 143 percent to 379, according to Ezdan Holding’s latest weekly report released yesterday.
The combined value of transactions in the Doha Municipality alone stood at nearly QR1bn registering a standard triple digit growth of 217 percent as compared to the previous week figures. It acquired 45.9 percent of the total transactions of the week, and QR330m was the highest deal value for a residential tower located in Onaizah area.

The report, based on the weekly bulletin issued by the Real Estate Registration Department in the Ministry of Justice, said that the real estate sector growth witnessed during the week was in contrary to the quite atmosphere of summer season supported by the two exceptional deals in Doha Municipality with a total value of QR555m.

The sales of plots, which constituted 63.2 percent of the total transactions, was owing to the continuity of the interest of real estate developers towards purchase of plots to develop more new projects. And it anticipated that the sector will continue to make recoveries in the coming weeks due to similar trends.
The value of daily rate of transactions of real estate was about QR351.3m compared to QR242.6m in the previous week.

A plot in Al Sadd with an area of 2,775 square meters (sqm)was sold at QR225m, calculating the price of QR81, 000 per sqm, while another plot in Al Merqab area with an area of 1,138sqm was sold at QR41.5m.
A villa in Fereej bin Mahmoud with an area of 1,763sqm was sold at QR38m, calculating the price of QR21, 500 per sqm.

The report also stated that the overall value of residential units, including villas and apartments, amounted about QR647m constituting 36.8 percent of the total value of the real estate transactions performed during the week.

© The Peninsula 2013, Aug 28 2013