Saturday, 03 June 2023 09:58 GMT

Qatar sees 10% increase in real estate activities

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

The real estate activities increased 10 percent last week compared to the previous week, giving a clear indication of firmness of the sector and strong economy of the country, said the Ministry of Justice in a report released yesterday.
The value of real estate transactions also went up over QR247m last week from over QR224m previous week.
A total of 1,916 real estate activities including property registrations, authentications and other associated services were recorded during September 17 to 21, 2017 at the services centres of the Ministry and the Real Estate Registration and Authentication System, known as SAK. The activities include 1,474 authentications and 442 property registrations.
Despite the blockade imposed by the siege countries, the real estate sector is performing well, said the Ministry of Justice. The growing number of transactions in the real estate index also indicate that citizens, expatriates and investors are unaffected by the blockade. Property related activities are continuing as usual resulting in the increase in real estate deal, the report noted.
During the period of study, the real estate transaction reached over QR247m, according to the weekly report issued by the property registration department at the Ministry of Justice. A total of 66 deals were inked in third week of this month. The biggest deal worth QR32.5m was made in Pearl at Doha Municipality. The deal was of a house measuring 1,499 sqm, followed by a commercial building worth over QR17.4m measuring 1,156sqm in Umm Salal Mohamad.
Another deal was of a house worth over QR15m in an area 1,436sqm in Pearl at Doha Municipality. A residential building measuring 940 sqm was sold in Old Airport area, Doha Municipality at QR12m.
Many properties including open plots of land and houses were sold at the range of QR6m, QR7m and QR8m.
A number of deals were made under QR1m. The small deals includes three plots of land worth QR777,272 for each measuring about 380sqm each in Al Khor. Four small deals about the plots of land worth QR818,183 for each measuring about 425sqm each were inked in Al Khor. The real estate experts expect that the real estate sector would further get a boost in coming weeks as the market is picking up after the summer vacation. 'The growing number of transaction value indicates that the real estate sector is performing well, said the expert.


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