DOHA: Despite summer season and Ramadan the real estate sector transactions during July doubled witnessing an incredible triple digit growth of 103 percent to reach QR5.5bn ($1.5bn) compared to QR2.7bn ($741m) during the corresponding period last year, according to Ezdan Holding’s monthly report released yesterday.
The report said that Qatar’s real estate sector has benefited from the boom of projects related to the developmental strategy and Qatar’s National Vision 2030, and also due the commencement of mega projects related to the 2022 Fifa World Cup.
The report also noted that the award of some tenders by Qatar Rail for Doha Metro has reflected positive impact stimulating the real estate sector.
The report referred to the growth of sales in The Pearl Qatar, which continues to attract investors interested in the luxury residential sector, where this project has witnessed big development during the second quarter of 2013.
The Pearl project is the first real estate development project, which displays the exclusive ownership of real estate property for foreigners in Qatar. According to the report, the real estate development companies have greatly contributed in the success of the project over the years, where they have maintained a high value for the region by providing a strong infrastructure and facilities to ensure the biggest degree of welfare and progress and to provide the best contemporary lifestyles.
If compared to other GCC real estate markets, Qatari market has performed relatively much better due to host of favourable factors here, including upcoming Fifa related mega infrastructure projects.
The real estate sector in neighbouring Saudi Arabia is waiting for commencement of a new mortgage system application after the Eid holidays where reformed mortgage policies are expected to play a major role in regulating the sector. The sector received with great satisfaction with the Saudi Shura Council’s resolution approving the equality between female and male citizens in all the conditions to obtain a loan, such as age and marital status.
The Real Estate Assessment Committee at Jeddah Chamber said that the real estate sector will witness a real boom in the coming months, due to the decisions taken by the Ministry of Housing in the past months, including the resolution of the Saudi Shura Council.
While the UAE market is waiting for the issuance of seven new legislations to regulate the real estate market in Dubai in accordance to Dubai Land Department, where the department is about to issue such legislations during the next two years, aiming to protect the market from speculations and harmful practices to contribute in controlling the rhythm of the market and the sustainability of the current boom.
In Bahrain, the Survey and Land Registration Bureau revealed the high value of real estate transactions from BHD25.3m ($67m) in the first quarter of this year to BHD74m ($196m) by the end of the second quarter.