09 Jul

Over QR9.5bn real estate deals recorded in 5 months this year

Doha: Qatar’s real estate market has delivered strong performance in the first five months of this year. The real estate sector has witnessed deals valuing more than QR9.5bn during January-May 2019, according to the data of Planning and Statistics Authority, which shows the sector remains attractive for investors.

Maximum number of deals in during the period was for vacant plots of land. Among the municipalities, Doha municipality was the most sought as it witnessed highest number of deals in the country.

“Qatar’s real estate market has come a long way since June 2017, when the unjust siege was imposed by the blockading countries. Country’s real estate has shrugged off the impact of siege and is moving ahead with full steam. The average monthly transactions have increased since June 2017, which shows the strength of real estate sector,” a senior official of a real estate consultancy firm told The Peninsula.

“Measures taken by government authorities have played an important role in boosting real estate sectors,” he added.

A total of 1,754 transactions were registered in the first five months of this year. January was the most busy month for the real estate sector as 402 deals were recorded during the month while April registered deals worth QR2.99bn, making it the month with the highest value of deals in the first five months of this year. Real estate market in Qatar has evolved over the years with initiatives taken by the government to improve transparency, ownership regulations and overall participation.

Authorities have taken several measures to further strengthen real estate sector. One of major steps was the approval by Cabinet, in March this year, to a draft law on the regulation of non-Qatari ownership and use of real estate. The move is expected to attract long-term capital in Qatar’s resilient real estate sector.

According to real estate consultancy firm ValuStrat, the median transacted price for residential houses, during the first quarter of this year, was QR2.5m. The five largest ticket sizes were seen in The Pearl, Onaiza and Luaib for dwellings ranging from 1,300 square metres (sqm) to 2,700 sqm. A total of 58 transactions were recorded for residential buildings, Al Sadd, Fereej Abdul Aziz, Al Mansoura, Lusail and Fereej Bin Dirham saw the highest transacted values.

The recent law amendment of expanding freehold ownership will attract investors in Qatar’s real estate sector.

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