DOHA: Land prices in Qatar increased by 15 percent this year compared to last year, due to huge demand for residential, commercial, tourist and services facilities.
Some 20,000 residential units are expected to be supplied in the local market by the end of this year, said real estate expert Ali Al Naimi. “More than 100,000 residential units will be added during the next five years and 16 towers are expected to be completed by the year-end,” he added.
In addition, some 160 towers of international standard will be built by 2022, said Al Naimi.
The high demand for land indicates that the construction sector is booming in the country.
The real estate sector is witnessing a boom because of public projects related to housing and services sectors.
Qatar needs more investments especially in the entertainment sector, said Al Naimi.
According to a report on the website of the Ministry of Justice, real estate transactions in Qatar were worth QR1.18bn last week (May 26 to May 30), Qatar News Agency (QNA) reported yesterday.
