Qatar- Real estate sector booms with more projects

(MENAFN- The Peninsula) Sachin Kumar | The Peninsula

Qatar's Real estate has emerged stronger in the last 100 days, shrugging off the siege imposed by blockade countries.

The growing number of transactions and new project launches by the real estate companies has once again confirmed that Qatar's real estate market is strong enough to overcome any pressure.

The combined value of real estate transactions during the fourth week of August (20 to 24) reached QR1.23bn, showing a record increase of 516 percent compared to QR199m worth of deals the week before, according to Ezdan Holding Group's weekly report on real estate.

The steep rise in the value of transaction was because of a major deal of sale of hotel located in Rawdat Rashid in Doha with value of QR1bn. The deal showed that the confidence of investors in the real estate and hospitality sector remained intact.

The report added that the number of real estate transactions during August reached QR2.2bn showing a growth of 22 percent compared to QR1.8bn witnessed in the previous month.

The combined value of real estate transactions during the first week of August (30 July to 3 August) reached QR617m, and the during the second week of August (6 to 10) reached QR203m and the third week of August (13 to 17) amounted to QR199m, according to the weekly report published by the Department of Real Estate Registration at the Ministry of Justice.

In the month of July 2017, the combined value of real estate deals touched QR1.8bn, showing a sharp growth of 50 percent compared to QR1.2bn in the same month last year.

Some 215 transactions were implemented during July, according to Ezdan Holding's monthly report.

Apart from the transactions, 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, the largest real estate project in the history of Ezdan Holding Group, is spread over an area of one million square metres containing over 9,000 residential units.

The lease is open for 1,875 fully furnished housing units, ranging from one to two and three bedrooms, as well as 183 commercial outlets that will serve as the backbone of the city's dwellers and residents of the surrounding areas. Ezdan Oasis is also home to hundreds of commercial and services units and facilities.

In the first week of August, United Development Company (UDC), the master developer of The Pearl-Qatar, 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.

The shopping complex will have three stories and will provide ample covered car parking spaces. In addition to three major department stores, a supermarket, a five-screen cinema and a gym; there will be a variety of restaurants, convenience stores, cafés, innovative concept shops and family and entertainment designated areas plus other facilities.


The Peninsula

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