Real estate prices shoot up in far-off areas

July 16, 2014 - 6:11:09 am

DOHA: Land has begun commanding exorbitant prices even in far-off yet sprawling residential localities like Umm Salal. 

A 910 sq metre plot was sold in this municipal area last week (July 6 to 10) for a huge QR31m, the per square meter rate working out to an incredible QR34,000.

Real estate transaction figures for the week under review (July 6 to 10) show that the largest deal in terms of value was for a 70,874 sq meters of land in Al Waab, Al Rayyan, for QR633.2m.

A total of 108 deals took place in the week worth a staggering over QR1.86bn, details released by the real estate registration department of the Ministry of Justice show.

For the past at least two to three weeks, though the number of real estate transactions that have been concluded has been more than 150, their combined value has been less than a billion riyals. Also, more deals were concluded for smaller plots of land in different areas of the country and they were meant for residential purpose. Last week’s deals first indicate that the demand for real estate has been going up and secondly, deals for bigger and commercial properties have begun taking place. The Peninsula