DOHA: The real estate transaction rate in Qatar recorded a significant 32 percent growth during this summer months compared to the same period last year. The June, July and August months in 2013 saw transactions worth QR10.1bn compared to QR7.7bn during same months in 2012.
Given Qatar’s real estate transactions’ history, the huge value of transactions held during the summer months is an exception. We have hardly seen such a heavy transactions during summer months, Al Sharq reported quoting a market leader Ali Al Naimi as saying.
Al Naimi noted the June 2013 saw real estate transactions worth QR4.2bn compared to the QR2.3bn in the same month in 2012, a whopping 82.6 percent increase. The July 2013 transactions reached QR5.5bn, compared to QR2.7bn in the same month in the previous year, up103.7 percent.
However, the transactions value was modest during the month of August 2013. Data released by the Ministry of Justice by the end of August shows the month recorded transaction of about QR467m, he said.
The first two weeks of this September saw transactions reaching up to QR1.7bn. Al Naimi noted the real estate sector has been witnessing strong deals in terms of land deals for the first eight months of this year. The land prices have gone up to up to 50 percent in some areas. He attributed the rise in land prices to the hike in total value.
Al Naimi said that the rental market is witnessing a state of stability. The supply is still higher than the demand. But the prices are expected to go up from next year supported by expectations of increased demand for housing in the coming period. An estimated 120,000 new jobs are expected to be created in Qatar annually for the next two years, which will put additional pressure o the demand side.