Marginal growth in Qatar real estate sector

December 23, 2013 - 4:00:40 am

DOHA: The real estate market witnessed a marginal growth of nearly one percent during the second week of December 8-12 with the combined value of transactions reaching at QR877.2m compared to QR868.6 in the previous week. 

However, the total number of real estate deals inked during the week reached to 255, up by 36.4 percent compared to 187 deals singed during the previous week, according to Ezdan weekly report.

Doha Municipality ranked first with a total trading value of QR219.6m during the week, but the value of transactions declined by 51.8 percent compared to the previous week’s value of QR455.9m. Doha acquired a proportion of 25 percent of the total value of transactions singed during the week.

Al Rayyan Municipality occupied the second position in terms of the value of transactions. With the execution of 32 deals during the week, the total value of transactions reached at QR170m, up by 34 percent compared to QR126.8m in the previous week.

The total value of real estate transactions in Al Wakrah Municipality stood at QR150m, the third highest in terms of value, through the implementation of 77 deals during the week, which accounted for over 30 percent of the total deals struck in all the regions during the week. 

The report, based on the weekly Bulletin issued by the Real Estate Registration Department in the Ministry of Justice, expected that the real estate transactions will witness recovery over the coming weeks.

The peninsula

Arabtec plans to enter real estate sector

DUBAI: United Arab Emirates builder Arabtec signalled yesterday that it aimed to participate more directly in Dubai’s property market boom, announcing plans to establish real estate development arms.

The firm, whose shares are up 52 percent this year because of expectations for increased business as the UAE spends heavily on infrastructure and residential projects, said it would set up real estate development units in Dubai and Abu Dhabi.

It will partner with other firms to undertake projects in Dubai, Abu Dhabi and the Gulf states, it said in a statement detailing the resolutions of a December 19 board of directors meeting. It also said it would search for new investments, partnerships and acquisitions in the Gulf.


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