Over 200% rise in value of real estate deals

DOHA: The real estate sector of Qatar has shown strong performance in July. The value of sold properties has jumped by about 224 percent in July this year compared previous month. Rising transactions in summer shows the robustness of Qatar’s real estate sector.

The total value of sold properties reached around QR4.3bn in July, showing a whopping rise of around QR3bn compared to June. The value of sold properties stood at around QR1.33bn in June this year, according to the Ministry of Development Planning and Statistics data.

Spike in deals in July assumes importance as summer is usually considered to be a relatively dull season for real estate market. Compared to other months, less number of deals take place as several residents are out of the country on vacation.

Along with month-on-month increase, the rising trend was visible on year-on-year comparison also. When compared to the same month (July) last year, the value of sold properties has risen by around 135 percent as the total transactions stood at QR1.8bn.

The real estate sector is expected to grow in the coming years, as the government has taken several measures in the past to boost construction and real estate sector.

In December last year, the Cabinet had approved the draft law on regulating non-Qatari ownership and use of real estate.

In terms of geography, most of the deals happened in Doha Municipality, which is a most happening area in the country. Total 429 deals were completed in July this year, out of which 123 deals happened in Doha Municipality.

This municipality saw several big deals showing that buyers are ready to pay higher price for properties in this area. Of the total QR4.3bn deals, highest transactions were witnessed in Doha Municipality, where a total of around QR1.9bn transactions took place.

Al Rayyan Municipality came second in attracting buyers as 88 deals involving transactions worth QR1.2bn took place during July.

Majority of buyers were interested in villa complexes, apartment buildings and vacant plots of land in July.

In terms of value of deals, vacant plots of land were at the top, as transactions involving around QR1.4bn were for vacant plots. Total 174 villa complexes were sold in July which involved transactions worth QR613m

Qatar real estate market has performed well in the last week of August, showed the data by Ministry of Justice’s real estate registration department.

The trading volume of registered real estates between August 26 to August 30 at the Ministry of Justice’s real estate registration department stood at QR211.5m.

The department’s weekly report said that the trading included vacant lands, residential units, multipurpose buildings, residential buildings, and multipurpose empty lands.

By Sachin Kumar I The Peninsula

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