DOHA: Qatar’s real estate sector witnessed a significant growth (month-on-month) with the combined value of transactions during August reached at QR1.9bn, up by 91.4 percent compared to QR1bn in July 2014, said Ezdan’s monthly report.
In its monthly report about real estate markets in the GCC, Ezdan Holding Group said that the sector maintained its positive performance during the previous month of August ignoring the seasonal summer doldrums. The report predicted the GCC real estate sector to grow even further during the remaining months of this year with the implementation of more real estate projects.
The report stated, according to the Real Estate Registration Department’s weekly bulletins, that the value of the transactions of the first week of August (from 5 to 7) reached QR170.1m, with a daily average of QR56.7m.
While transactions achieved about QR756.8m in the second week (from August 10 to 14, 2014), a record rise of 345 percent, and recorded QR151.4m daily transaction average. As for the third week transactions reached QR473m with QR94.6m average. While the fourth and last week of June (24 to 28) had a slight 9 percent rise in transactions with a value of QR514.1m, while the daily average registered QR102.8m.
It said the real estate sector in Qatar will experience more growth in the coming months especially after summer holidays are over, noting that most major players in the real estate market are back to the country.
The report said the real estate sector in Saudi Arabia is witnessing a positive activity during August in terms of newly launched projects which is most apparent in the growth in real estate loans granted by commercial banks in Saudi Arabia for individuals during the second quarter of 2014, which amounted to about SR84.5bn, an increase of 32 percent, compared to SR63.7bn in the same period from last year.
Ezdan’s monthly report pointed to the recovery witnessed in the UAE real estate sector, particularly in Dubai, where real estate transactions amounted to about Dh70bn during the first seven months of the current year, driven by 27,144 real estate deals and purchases by Gulf investors, Arabs and foreigners. Purchases by Gulf Arab investors grew by 55 percent compared to foreign investors, which recorded a growth of 8 percent.
Indian investors topped the list, with purchases amounting to Dh11.4bn, followed by British with Dh6.3bn, and then Pakistanis with Dh4.8bn.
The Peninsula
