(MENAFN- The Peninsula) By Mohammad Shoeb / The Peninsula
The real estate market during the first week after Eid Al Adha holidays (September 10-14) witnessed positive activities, showing a moderate recovery in terms of the number of transactions. The total number of real estate deals executed during the week reached 66, up 18 percent compared to 56 deals inked in the previous week (before the Eid holidays), according to Ezdan Holding Group's latest weekly report.
However, the combined value of transactions implemented during the week reached QR224.3m, down by 37 percent compared to the previous week. The decline in the value weekly transactions was attributed to the absence of any exceptional deals (valued more than QR100m) singed during the week.
The average value of daily real estate transactions during the week was about QR44.9m.
The largest value of deal struck during the week amounted to QR16.8m against the sale of a multi-use plot of land with an area of 1,200 square metres located in Mesaimeer. The land was sold at the rate of QR14,000 per square metres.
The Ezdan's report, based on the weekly numbers released by the Department of Real Estate Registration at the Ministry of Justice, indicated the remarkable activity in the land space sector, which returned to dominate the number of transactions acquiring 51.2 percent the total number of deals executed during the week, with total value reaching at about QR114.8m, while the combined value prefabricated building transactions fell to QR109.5m, accounting for 48.8 percent of the total number of land transactions.
Al Rayan Municipality topped the real estate transactions with 22 deals, acquiring 45.6 percent of the total number of transactions of the week, registering a record growth of 105 percent compared to the previous week. The total turnover of the Al Rayan Municipality stood at QR102.3m.
It was followed by Doha Municipality with 2 deals with the combined value of QR61.4m, down 74 percent compared to the previous week.
Al Dhayain Municipality ranked third in terms of value of transactions. The total value of transactions, with 11 deals, reached QR21.2m, up by 1.9 percent. The municipality accounted for 9.5 percent of the total number of transactions registered during the week.
According to a recent report by Al Sharq, the real estate market in Qatar is currently experiencing an unprecedented investment. The surge investment is largely driven by the opening of the iconic Hamad Port, which is expected to make the import of several construction materials much more easier than before.
The expansion in capital expenditure on the part of government, in addition to several policy changes and economic reforms, is also working a major catalyst enahcing the prospects of the local real estate market.
The real estate sector in Qatar has not been affected by the measures taken by siege countries that have entered its fourth month. The Qatari real estate sector is now leading its counterparts in the region due to the positive steps taken in cooperation and coordination between the concerned authorities in the state and the private sector to ensure the progress of the real estate sector in the region.
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