Real estate deals in 2013 worth QR45bn

January 09, 2014 - 3:09:25 am

Municipality wise REAL ESTATE statistics for 2013


DOHA: Real estate deals in the country last year were worth QR45.5bn ($12.49bn), but growth over the previous year was negligible, at barely three percent, due to skyrocketing land prices, says real estate company Roots.

In terms of value, the growth in real estate transactions in 2012 (over 2011) was a record 72 percent, the company said in a report.

The value of property deals concluded in 2012 was QR44.06bn as against just QR25.6bn in 2011.

In 2012, the government announced a slew of mega development projects and made huge allocations for public spending in the state budget.

This literally prompted investors and developers to go on a land buying spree since land prices were low, said Roots General Manager Ahmed Al Oruqi.

“That was the reason for a massive growth in the value of real estate deals in the country in 2012.”

It was not that the local real estate market was witnessing a slump at the time, but the government’s announcement gave it a big boost, said Al Oruqi.

In 2013, on the other hand, land became extremely expensive, and that kept investors and developers away from large-scale land purchases since their profitability would be hit.

In terms of numbers, 8,481 real estate deals were struck in 2013 — 268 more than those concluded the previous year — up just 3.26 percent.

In 2011, on the contrary, barely 2,360 transactions had taken place — just 40 percent of the 2012 total.

Giving municipality-wise statistics for 2013, Oruqi said nearly half the deals were concluded in Doha, which had a share of QR21.4bn in the total value.

In Al Rayyan, 1,565 transactions took place in the year with their total value being QR9.4bn, followed by Al Wakra (1,644 deals worth QR4.6bn).

Al Dayeen ranked fourth with a share of 1,240 deals worth QR4.3bn in the year under review.

In Umm Salal, the number of real estate transactions struck was 1,141 and their total value was QR3.7bn, while Al Khor witnessed 702 deals worth QR1.25bn.

Al Shamal saw some 348 transactions worth QR645m concluded.