(MENAFN- The Peninsula) By Sachin Kumar / The Peninsula
Real estate market has stood firm despite the blockade imposed by the siege countries on the Qatar. In the first six months of the year, June recorded the highest number of real estate transactions.
As per the Ministry of Development Planning and Statistics, the total value of properties sold stood at QR3.6bn in June, surpassing the figures of January which came second in the terms of properties sold. The total value of properties sold in January was QR3.4bn. In the remaining four months of the year, the value of properties sold, ranged between QR1.6bn to QR3bn.
A big difference between the two months were the size of deals, as June saw big ticket deals compared to January. Number of properties sold during January were 414 while in June 135 properties were sold.
Among the municipalities, Doha and Al Rayyan were the most happening places in terms of deals as they witnessed 40 and 41 deals respectively in June. Some big ticket deals were signed in Bu Sidra area in Al Rayyan municipality. In the first week of June, a major deal of QR827m was done while in the third week of the month, a deal worth QR475m was transacted in Bu Sidra. In January Doha saw 135 deals while Al Rayyan had 87 deals in its share.
'The fundamentals of Qatar's economy remain strong and the firm real estate market confirms the strength of country's economy. The big ticket deals show that investors have full confidence in Qatar's real estate sector, said a senior official of a real estate consulting firm based in Doha told The Peninsula. 'Qatar's real estate is not dependent on foreigners as majority of investment is done by local residents. During the past few months, some major real estate players announced the launch of new projects which shows that the market is unaffected by outside factors, he added.
Recently there were some mega projects were also announced by the real estate players. Ezdan Holding Group announced, in July, opening of the first phase of Ezdan Oasis project for lease. The project is the largest real estate project in the history of Ezdan Holding Group. United Development Company (UDC) had recently announced the signing of an agreement with Mohammed Al Hamad Al Mana Group for the sale of land plot located on the island at La Plage South district. The land will be used for the construction of a commercial mall, to be known as ‘04 Mall', which is scheduled to open its doors to the public in the third quarter of 2018.
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