DOHA: Qatar leads the real estate growth among the six Gulf Cooperation Council (GCC) States. Qatar’s combined value of transactions and mortgages during July 2014 reached QR6.8bn ($1.87bn), witnessing a 24 percent rise compared to QR5.5bn ($1.51bn) in June 2013, according to Ezdan Holding Group’s monthly report.
However, transactions value has registered a record rise of 70 percent this July if compared to the previous month (June) when it stood at QR4bn.
In the report about real estate markets in the GCC, Ezdan Holding Group said that the sector witnessed a positive performance during the month of July concerning real estate transactions and mortgages, despite the usual stagnation that accompanies the summer holiday, annual leave season and Ramadan, pointing out that the Qatari real estate sector spearheaded the growth in the GCC markets.
The monthly report predicted the GCC real estate sector to grow even further during the coming months of this year with the implementation of more projects.
The report stated, according to the Real Estate Registration Department’s weekly bulletins, that the value of the transactions of the first week of July (from June 29 to July 3, 2014) reached QR914.7m, while transactions achieved about QR1.86bn in the second week (from July 6-10, 2014), and then in the third week (13-17) reached QR1.31bn, while the fourth and last week of June (20-24) had a major rise in transactions with a value of QR2.76bn.
Ezdan’s report also noted that the real estate sector in Qatar will experience more growth in the coming months especially by the time of the implementation of major projects related to the 2022 Fifa World Cup, which will certainly have a tremendous positive impact on the construction activities in the state.
The monthly report stated that the real estate sector in Saudi Arabia is witnessed positive activity during the month of July especially that the state is soon to be distributing its products to Saudis represented in a land lot, a loan, and a land lot and a loan and a residential product.
The report said that according to a recent study, real estate projects to be completed in the UAE during the current year amounted to about UED130.4bn ($35.54bn), compared to UED104.7bn ($28.54bn) during 2013.
According to the study, residential projects come to the forefront of the developments to be completed in the UAE during 2014, as real estate companies there are currently implementing residential projects worth UED90.6bn. The residential sector accounted for about 69 percent of the total value of projects completed during the current year.