Monday, 05 June 2023 01:57 GMT

Qatar- Real estate sector remains strong despite blockade

(MENAFN- The Peninsula) By Sanaullah Ataullah | The Peninsula

The weekly transaction rate indicates that the real estate sector is strong and performing well even after more than 100 days of illegal blockade imposed by the siege countries, said the Ministry of Justice in a report.

The real estate activities increased significantly at the services centres of the Ministry across that country and the Real Estate Registration and Authentication System, known as 'SAK.

A total of 1,494 transactions including property registrations, authentications and other associated services were recorded during fourth week of last month.

The real estate transaction took the lion share 77 percent of total cases followed by authentication 23 cases.

The growing number of transaction indicates that the national economy is strong and blockade failed in making any impact on citizens, expatriates and investors as the real estate transactions are continuing as usual, said the report.

The service centres operating out of Doha and online system SAK received 1,494 cases including 1,145 cases of authentications and 349 cases related to registrations from August 27 to August 30.

According to the weekly report issued by the property registration department at the Ministry of Justice, the real estate transaction reached QR355.9m from August 27 to August 30.

A total of 56 deals were made, the biggest deal worth QR69m were inked in Umm Ghuwailina, Doha Municipality. It was a residential building in an area measuring 2,914 sqm. Another major deal was a multiused plot of land worth QR30m at Old Airport, Doha Municipality. Two big deals worth QR28m each were stuck at Laqtifiya and Najma areas of Doha Municipality. The sold properties were a accommodation and multiused plot of land.

Many plots of lands worth less than a million Qatari riyals were sold out at Al Shamal, Al Daain and Al Wakra municipalities.

The cheapest deal was a plot of land measuring 200 sqm at Umm Qarn, Al Daain municipality. The plot costs only QR430,570, followed by another plot of land worth QR600,000 in an area of 360 sqm in Al Ruwais, Al Shamal municipality.

A plot of land measuring 420 sqm was sold at the cost of QR994 in Al Sakhmah, Al Daain Municipality.

The blockade does not have any impact on local real estate market, a real estate expert told The Peninsula.

'I assure the investors that there is no need to worry because of blockade. The market is strong, it is performing well and it is expected to be continued, said the expert.


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