02 July 2014
DOHA: Demand for small plots of land across the country for housing purposes has been soaring, particularly in Doha and its near and far-off suburbs.
Transaction details of real estate released by the Ministry of Justice yesterday show that 157 deals were concluded in the week from June 22 to 26.
The deals worth QR914.45m were dominated by the sale of small plots in Doha, Umm Salal, Al Khor, Al Wukair, Al Rayan, and Muathier, among other places. A house admeasuring only 93sqm in Fejreej bin Omran was sold for QR1.22m.
The most expensive deal was that of a house admeasuring 1,123sqm in Fereej bin Mahmoud that was sold for QR90m at the rate of QR80,000 per sqm.
Meanwhile, during a discussion on real estate on the occasion of Ramadan, an expert claimed that large presence of illegal middlemen in the local real estate market involved in speculation was to largely blame for skyrocketing prices.
Yousef Jassem Al Jassem said he had been in real estate business for long and was surprised by escalating prices.
"Rates are unjustifiable and difficult to understand. There are no obvious reasons," Al Jassem said. The discussion was held in his majlis, local Arabic daily Al Raya reported on Monday.
The rate of land per square foot in some of the remotest areas of the country has reached QR350, and that is what is most surprising, he added.
There is chaos in the market, caused by large presence of shady operators acting as middlemen and speculators.
Taking part in the debate, Hassan Yousef, another real estate expert, said it was surprising that in some places land was more expensive than villas.
Such a thing happens only in Japan, he said, urging authorities to intervene and check the sway of middlemen in the real estate business.
DOHA: Demand for small plots of land across the country for housing purposes has been soaring, particularly in Doha and its near and far-off suburbs.
Transaction details of real estate released by the Ministry of Justice yesterday show that 157 deals were concluded in the week from June 22 to 26.
The deals worth QR914.45m were dominated by the sale of small plots in Doha, Umm Salal, Al Khor, Al Wukair, Al Rayan, and Muathier, among other places. A house admeasuring only 93sqm in Fejreej bin Omran was sold for QR1.22m.
The most expensive deal was that of a house admeasuring 1,123sqm in Fereej bin Mahmoud that was sold for QR90m at the rate of QR80,000 per sqm.
Meanwhile, during a discussion on real estate on the occasion of Ramadan, an expert claimed that large presence of illegal middlemen in the local real estate market involved in speculation was to largely blame for skyrocketing prices.
Yousef Jassem Al Jassem said he had been in real estate business for long and was surprised by escalating prices.
"Rates are unjustifiable and difficult to understand. There are no obvious reasons," Al Jassem said. The discussion was held in his majlis, local Arabic daily Al Raya reported on Monday.
The rate of land per square foot in some of the remotest areas of the country has reached QR350, and that is what is most surprising, he added.
There is chaos in the market, caused by large presence of shady operators acting as middlemen and speculators.
Taking part in the debate, Hassan Yousef, another real estate expert, said it was surprising that in some places land was more expensive than villas.
Such a thing happens only in Japan, he said, urging authorities to intervene and check the sway of middlemen in the real estate business.
© The Peninsula 2014
