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21 July 2016
DOHA: Despite Eid Al-Fitr and summer vacations, Qatar's real estate market witnessed a remarkable triple-digit growth in terms of the total value of transactions during the first week of July , which included the three days after the Eid Al Fitr holidays.
The total value of the transactions conducted across all municipalities reached at QR509m, registering a sharp growth of 142 percent compared to QR210.7m during the previous week. The total number of deals executed during the period reached 91 against 54 during the previous week, showing an increase of 68.5 percent, according to numbers provided in Ezdan Holding's weekly report.
This remarkable rise, both in terms of the value of transactions and number of deals, have surprised the real estate analysts as it happened during the summer season, a time when the real estate market remains lukewarm as most people usually travel outside the country to spend their long annual vacations.
Although there were not many exceptionally high valued deals except one in the Doha Municipality for the sale of a multi-use building valued at QR106m, which alone accounted for 20.8 percent of the total value of transactions during the period.
The ready-to-move building properties continued dominating the number of real estate deals accounting for 87.7 percent of the total number transactions. While share of land plot deals for accounted for 12.3 percent of the transactions.
Doha Municipality topped among all municipalities in terms of the value of transactions accounting for 48.1 percent , or QR244.6m, of the total value of transactions struck during the period. While Al Rayyan Municipality led in terms of the number of transactions signed. Some 28 deals were executed in the municipally accounting for 30.8 percent of the total number of 91 deals, followed by Umme Salal municipality, where some 19 transactions were executed.
The highest valued deal signed (QR106m) was for a multi-purpose building located at Freej bin Abdulaziz locality, which is spread over an area of 3,175 square metres (sqm), at the rate of QR33,400 per sqm. Another multi-purpose building (area 1495sqm) located at Freej bin Omran area was sold for QR40m.
The highest valued deal signed in Al Rayyan municipality stood at QR30.1m for a multi-purpose building with an area of 743sqm. While the highest value of deal signed in Umme Salal municipality was QR5m for the sale of a residential building at Al Khairitiyat locality which is spread over an area of 930sqm. And at the same locality another residential property was sold at QR3m with an area of 450sqm.
Al Daayen Municipality stood at fourth rank in terms of the value of deals implemented which stood at QR24.5m from seven deals implemented. The municipality has witnessed a 41.2 percent decline in the value of transactions during the period compared to the value of deals signed during the previous week. The highest valued deal signed in the municipality was QR4.8m for the sale of residential building at Al Ab area with a total area of 1116sqm.
DOHA: Despite Eid Al-Fitr and summer vacations, Qatar's real estate market witnessed a remarkable triple-digit growth in terms of the total value of transactions during the first week of July , which included the three days after the Eid Al Fitr holidays.
The total value of the transactions conducted across all municipalities reached at QR509m, registering a sharp growth of 142 percent compared to QR210.7m during the previous week. The total number of deals executed during the period reached 91 against 54 during the previous week, showing an increase of 68.5 percent, according to numbers provided in Ezdan Holding's weekly report.
This remarkable rise, both in terms of the value of transactions and number of deals, have surprised the real estate analysts as it happened during the summer season, a time when the real estate market remains lukewarm as most people usually travel outside the country to spend their long annual vacations.
Although there were not many exceptionally high valued deals except one in the Doha Municipality for the sale of a multi-use building valued at QR106m, which alone accounted for 20.8 percent of the total value of transactions during the period.
The ready-to-move building properties continued dominating the number of real estate deals accounting for 87.7 percent of the total number transactions. While share of land plot deals for accounted for 12.3 percent of the transactions.
Doha Municipality topped among all municipalities in terms of the value of transactions accounting for 48.1 percent , or QR244.6m, of the total value of transactions struck during the period. While Al Rayyan Municipality led in terms of the number of transactions signed. Some 28 deals were executed in the municipally accounting for 30.8 percent of the total number of 91 deals, followed by Umme Salal municipality, where some 19 transactions were executed.
The highest valued deal signed (QR106m) was for a multi-purpose building located at Freej bin Abdulaziz locality, which is spread over an area of 3,175 square metres (sqm), at the rate of QR33,400 per sqm. Another multi-purpose building (area 1495sqm) located at Freej bin Omran area was sold for QR40m.
The highest valued deal signed in Al Rayyan municipality stood at QR30.1m for a multi-purpose building with an area of 743sqm. While the highest value of deal signed in Umme Salal municipality was QR5m for the sale of a residential building at Al Khairitiyat locality which is spread over an area of 930sqm. And at the same locality another residential property was sold at QR3m with an area of 450sqm.
Al Daayen Municipality stood at fourth rank in terms of the value of deals implemented which stood at QR24.5m from seven deals implemented. The municipality has witnessed a 41.2 percent decline in the value of transactions during the period compared to the value of deals signed during the previous week. The highest valued deal signed in the municipality was QR4.8m for the sale of residential building at Al Ab area with a total area of 1116sqm.
© The Peninsula 2016
