DOHA: The real estate sector witnessed a significant recovery despite the ongoing summer holidays, with the combined value of transactions during the second week of August 10 to 14 reaching at QR756.8m, registering a record four fold increase (345 percent) compared to QR170.1m in the previous week, according to Ezdan weekly report.
There was an increase of 318 percent in the number of transactions implemented during the week which rose to 138 deals, compared to 33 in the previous week.
Doha Municipality attained the largest number of transactions implemented during the week, with the execution of 43 deals, acquiring 31.2 percent of transactions followed by Al Rayyan Municipality which inked 29 transactions. Plots of land continued to dominate the transactions and represented 66.6 percent of total deals compared to 33.4 percent of other real estate over all areas.
The report predicted that property transactions will experience a rise in the coming weeks, especially in the land lots sector, noting that investors and real estate developers are directed towards the establishment of more new real estate projects.
The report, based on the data released by the Real Estate Registration Department at the Ministry of Justice, pointed out that the average daily value of real estate transactions amounted to about QR151.4m compared to QR56.7m in the previous week.
Back to transactions during the second week of August, Doha Municipality ranked first regarding the value of transactions, acquiring real estate deals worth QR397.7m compared to QR59.5m in the previous week, a tremendous increase of 568 percent through the implementation of 43 transactions compared to only seven deals struck in the last week, acquiring 52.5 percent of the total transactions of the week.
The top deal in Doha Municipality stood at QR125m for the sale of a plot in Aslata area of 611 square meters area at QR204,000 per square meter, among other property units.
The land plots transactions dominated the deals by 50.4 percent of the total transactions in Doha which was worth QR200.6m, while other real estate represented 49.6 percent worth QR197.1m.
Al Rayyan Municipality ranked second in terms of trading value represented in QR119.7m compared to QR53.7m from the previous week, a record rise of 123 percent acquiring 15.8 percent of the total transactions with the implementation of 29 deals.
The highest deal in Al Rayyan was worth QR11.2m, through the sale of a land lot in Gharrafa Al Rayyan of an area of 4148 square meters at a rate of QR2700 per square metre.
The Peninsula
