DOHA: The announcement of mega projects at Qatar’s prestigious The Pearl-Qatar and Lusail City signals Qatar’s real estate sector is fast recovering. The sales of residential properties in these projects have witnessed positive performance during third quarter of this year, Al Arab reported citing real estate developer Al Asmakh’s latest “Qatar real estate report’.
The Pearl-Qatar, which offers high-end apartments, has emerged as a major property among the premium segment in Qatar’s property market. The average monthly rent for fully furnished apartment in Pearl-Qatar, is about QR15,000, while prices of apartments range between QR13,000 to QR22,000 per square metre. With a state-of-the- art recreational facility and marina, The Lusail City projects are high in demand.
According to Asmakh report, the prices of apartments in The Pearl-Qatar, has seen a slight increase since the beginning of the year, and most likely to continue this growth over the next year, especially with the completion of shopping centres and infrastructure facilities.
As the outlook for Qatar’s real estate sector has been projected as ‘strong’ by various market analysts, investment in Qatar’s real state sector is set to increase in the coming months. In fact, Qatar’s real estate sector is witnessing a strong performance, compared to other sectors of the local economy.
Qatari economy’s successful diversification programme has impacted positively on all sectors of the country. The diversification programme has mainly benefitted the real estate sector. “Qatar’s real estate sector is set to take a giant leap in the coming years. The country’s huge spending programme and projected investment in the construction sector will give a great fillip to this sector”, the report said.
The report said a huge number of mega projects, both commercial and non-commercial, are in the pipeline. The proposed projects include large number of hotels and residential buildings. The completion of large development projects such as the New Doha Port, the Metro rail projects will attract many allied real estate projects to the country.
The report noted both the volume and value of real estate transactions during the week beginning September 28 witnessed a huge growth. The municipalities of Doha and Rayyan recorded large number of transactions during the week. The Peninsula
