(MENAFN- The Peninsula) Three major deals struck earlier this month saw the aggregate value of property transactions in the country soar to a record high of QR3.2bn ($900m) in less than a fortnight from April 5 to 16.
Statistics on the number and aggregate value of real estate transactions for the period April 5 to 16 released by the Land Registry office of the Ministry of Justice show that the total value of just three deals, including of a tower in Al Dafna, was over QR1.43bn, or nearly half of the fortnight's total.
The Dafna tower measuring 2,472 square metres was sold out for QR936m ($257m) at a rate of QR35,177 ($9,660) per square metre.
A residential complex in Al Wakra fetched its owners QR400m, while another residential complex in Ummghuwalina in Doha got its owners
QR100m.
Asked why property transactions were peaking to new highs in recent weeks, real estate expert Ahmed Al Oruqui said lack of supplies was the culprit.
There was a squeeze on supplies and the same properties were being more or less sold and bought in a kind of cycle.
An element of speculation was involved.
Al Oruqui said the speculators were mostly Qatari and were investors who were staking sums for rental income.
The spotlight as far as speculative activity in the real estate sector is concerned is on Lusail and not on The Pearl-Qatar anymore, since the prices here are high.
"In Lusail, on the other hand, plots are still available while there is saturation in The Pearl," said Al Oruqui.
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