BY SIDI MOHAMED
DOHA: A small piece of property has been sold at a staggering rate of over QR109,000 ($29,933) per square metre in Old Ghanem in downtown Doha. The 2,167sqm plot was sold for QR236.83m ($65m) in the week from November 16 to 20.
Details released by the Real Estate Registration Department of the Ministry of Justice show that some 135 transactions took place in the week. The total value of the deals was QR902.59m ($247.86m).
Asked why properties are so expensive in Old Ghanem, a property market expert said it is because the area is in the heart of the city and a hotspot of tourist attractions.
It is close to prominent attractions like Islamic Museum of Art and Souq Waqif, according to Ahmed Al Oruqui. “It is a mix-use locality,” Al Oruqui said, adding that the prices of real estate in almost all areas of the city are going up.
Another expert and evaluator, Khalifa Al Muslemani, said Old Ghanem has a lot of three-star hotels which are in high demand by tourists.
Such hotels are doing very good business and that’s why the area is in high demand. Also because Old Ghanem is close to Souq Waqif and Museum of Islamic Art, he added. “All types of tourists can stay in three-star hotels while in five-star hotels only rich people can,” Al Muslemani said, adding that it pushes up the demand for three-star hotels.
The QR109,000 per sqm is not the highest price a plot or building has fetched in Old Ghanem. Last June, a piece of property in the area was sold for QR200,000, the highest rate for any property in Qatar so far.The Peninsula
