6.3 billion riyals, the volume of real estate transactions in 5 months

Written By Mark

The Al Asmakh Real Estate Projects Company report said that real estate transactions recorded during the first five months of the current year (from the beginning of January to the end of May 2024) amounted to about 6.350 billion riyals, compared to approximately 7.219 billion riyals recorded in the same period last year, at a rate of An estimated decline of about 12% on an annual basis.

The report attributed this decline to the desire of real estate owners and real estate companies to retain their properties and invest them in the field of leasing to achieve the greatest possible investment benefit.
The report indicated that these values ​​recorded during the first five months of the current year are considered good, despite their decline.
In terms of residential real estate market rents, Al-Asmakh’s report indicated that residential unit rental values ​​witnessed stability during the first quarter of the current year, compared to the values ​​recorded in the fourth quarter of last year 2023.
As for office rents, their prices have maintained since the beginning of this year in some areas, and their values ​​have decreased at varying rates in other areas, depending on the services and high specifications provided by each building.
Regarding the reality of the real estate sector in the long term, the “Al Asmakh” report stated that the long-term path of the real estate sector in Qatar is good, especially with the remarkable amount of government investment in infrastructure projects, which provides major and important support to the real estate sector on a broader scale.

Land prices
The report indicated that the values ​​of real estate transactions witnessed a low performance compared to the previous week, according to the data of the latest bulletin issued by the Real Estate Registration Department in the Ministry of Justice for the week extending from “June 2 to June 6,” where the number of real estate transactions recorded “99” transactions, and the report pointed out The value of real estate transactions reached more than 255 million riyals.

Prices of residential apartments and villas
Returning to the prices of villas and apartments, the report indicated that the average price of residential apartments in the Lusail area for a one-bedroom apartment is “1.1” million riyals, “1.3” million riyals for a two-bedroom apartment, and “1.9” million riyals for a three-bedroom apartment. Bedrooms. The report indicated that prices vary according to the region, area, and location of the apartment in the residential building.
The report also indicated that the average price per square meter in apartments located in West Bay in the winding towers is estimated at “11” thousand riyals, and there are certain data that may raise the price slightly related to “the location of the apartment and the view inside the two towers.”
The selling prices of new apartments in the Pearl project range from 12,000 Qatari riyals to 22,000 Qatari riyals per square meter, according to the real estate developer.
In terms of villa prices, Al Asmakh’s report shows that villa prices vary from one region to another. The average price of villas in the Doha, Al Thumama, Rawdat Al Matar and Ain Khaled areas is estimated at 3.6 million riyals for an average area of ​​400 to 500 square meters per villa. Pointing out that this price also applies to villas in the Al Gharrafa, Al Luqta, Al Rayyan, Umm Salal and Azghawa areas for the same previous area.
The report added that villa prices decrease as we head north, as the price of a villa in and around Al Khor and Al Dhakhira area for the same area is approximately 2.2 million riyals.