(MENAFN- Gulf Times) The local real estate market has seen an increase in the value of deals, but a drop in their number during the fourth week of January compared with the previous week, a new report has shown.
Ezdan Holding in its weekly report said 40 real estate deals were completed during the week throughout the country, compared with 57 in the previous week, which shows a drop of 29.8%.
The overall value of these deals amounted to around QR418.8mn, compared with QR387.6mn for the preceding week. This was due to an "exceptional single deal" worth QR100mm, Ezdan Holding said.
Doha Municipality topped the real estate deals during the period, with some 15 deals representing 52.8% of the overall deals worth QR221.3mn. This was followed by Al Rayyan Municipality and Umm Salal Municipality with 10 deals each.
Completed buildings represented 76.1% of the real estate deals, while vacant plots of land comprised 22.9%.
The highest value of the real estate deal during the period January 24-28 in Doha Municipality amounted to QR62.6mn for a multiple-purpose vacant plot of land of 2,326sq m in Najma. The rate was QR26,900 per sq m.
A house at the Pearl-Qatar of 1,641sq m was sold for QR37mn, which translates into QR22,500 per sq m.
Ezdan expects a revival of the real estate market for the upcoming weeks as more investors and real estate developers plan new building projects driven by the ever-increasing demand for residential and commercial units.
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