Posted on September 27, 2013

Witnessing a new jump, the combined value of 299 real estate deals inked during the third week of this month (from September 15 to 19) reached QR1.33bn ($365m) up 54.5 percent compared to QR859.5m ($236m) during the previous week. The value of daily rate of transactions was about QR265.6m ($72.94m) compared to QR172m ($47.23m) the previous week, according to Ezdan Holding’s latest weekly report.

The report forecast that real estate transactions will witness further recovery during the coming weeks, especially in the sector of plots with trend of real estate investors and developers towards making more new real estate projects. The combined value of real estate transactions in the Doha Municipality, with 55 deals, stood at QR7,527.7m, registering an impressive double digit growth of 56.7 percent as compared to QR444.9m during previous week. 

The land plots and other various real estate properties shared the transactions by 53.5 percent and 46.5 percent, respectively. Al Sadd area (under Doha Municipality) witnessed an exceptional transaction with the total value of a villa sold at QR315m, and a plot in the same locality with an area of 2, 208 square metres (sqm) was sold at QR78.7m, at the rate of QR35,700 per sqm, according to the report based on the weekly bulletin issued by the Real Estate Registration Department in the Ministry of Justice.

A plot in Al Najma locality with an area of 1,652 sqm was sold at QR38.5m at the rate of QR23,300 per sqm, where as a residential building in Al Refa’a with an area of 794 sqm was sold at QR21m calculating the price of QR26,400 per sqm. The plots acquired over 30 percent of the total transactions in Doha Municipality for a total value of QR227.7m, while the other real estate transactions constituted about 70 percent of the total deals in Doha with a value of QR525m.

Az Zain Municipality came in the second place in terms of value of transactions executed during the week amounting to QR180m as a result of the implementation of 84 deals registering a standard rise 124.8 percent compared to the previous week. The price of the top deal in the municipality was QR4.5m, for a plot located at Jarian Junaihat with an area of 1,125 sqm.

Al Rayyan Municipality came third with the total value of transactions reaching QR166.8m from 38 deals, witnessing an incredible triple digit growth of 100.7 percent. The price of the top deal in Al Rayyan was QR40m from the sale of a plot in Az-Zghawa with an area of 9,963 sqm.

The report stated that the overall real estate transactions, including villas and other residential units, valued at about QR618m, accounted for 46.5 percent of the total transactions signed during the week.

source: The Peninsula