Posted on August 07, 2014

Two towers in the posh West Bay area of the city were sold for a staggering QR1.5bn late last month. The transactions took the total value of real estate deals concluded in a week to an all-time high of QR2.76bn.

Real estate registration details for the week (July 20 to 24) show that one of the towers, measuring 3,126 square metres in Al Dafna, was sold for a billion riyals. This is one of the highest values recorded for a real estate deal in Qatar’s known history, property market observers say. The second tower, also in Al Dafna, was sold for QR500m. 

Registration details put its area at 4,056 sq metres and described it as a residential high-rise. Al Dafna is part of the sprawling West Bay area and is often called Qatar’s mini-Manhattan as it is dotted with skyscrapers.

A total of 151 real estate deals were recorded in the week under review (July 20 to 24) and most of them, like always, involved small, open plots of land for residential purposes. The week also witnessed the sale of very small houses, details with the Ministry of Justice’s real estate registration department show.

One of the small houses, measuring just about 121 square metres and located in expatriate-dominated Al Mansoura area of Doha, was sold for QR2.4m. Another, a house of 112 square metres in Najma area of Doha, was sold for QR4.1m. A third, a small house with an area of 181 square metres in Fereej bin Dirham locality, also in Doha, was sold for QR2.35m.

The smallest of all, a house with an area of barely 93 square metres and located in Fereej bin Omran, was sold for QR1.55m. A total of 36 deals were recorded in Doha alone. Al Rayyan, Umm Salal, Al Wakra, Al Khor and Al Dhayeen also saw high turnovers.

source: The Peninsula