Al Asmakh Real Estate Projects Company report stated that sales of residential units in the real estate sector are expected to record growth during the fourth quarter of this year and the first quarter of next year, amid the development of real estate marketing operations and the opening of new projects in promising cities and areas such as Lusail and The Pearl Qatar, indicating that real estate legislation and amendments by the Qatar Central Bank to real estate financing controls will contribute to supporting sales operations.
The report finds that real estate companies in Qatar are working to develop their marketing plans to keep pace with these changes, especially with the increase in inquiries about owning residential apartments in promising projects such as The Pearl and Lusail City.
The report added: The real estate sector has proven its ability to be the biggest supporter of the national economy and host major events, and is now working on developing its marketing plans to preserve the legacy and gains it has achieved.
In addition, the report indicates that the concerned authorities are continuing to develop infrastructure in many areas, explaining that a large part of this work comes within the framework of projects to serve residential plots for citizens’ lands, as the concerned authorities were able to complete infrastructure projects to serve thousands of residential plots for citizens’ lands in all regions of the country.
The report stated that the concerned authorities are working to implement infrastructure works in various government division projects in stages, as the current year 2024 is expected to witness the completion of infrastructure works to serve thousands of residential plots in various regions.
Al Asmakh Real Estate Projects Report confirms that these projects will contribute to directing investors’ attention to these areas, which will enhance construction and building work in these areas. They will also contribute significantly to the recovery of the real estate sector, in addition to their contribution to increasing demand for land in these areas, as well as enhancing investment, especially for commercial and tourism projects.
Land prices and transaction values
Al Asmakh Real Estate Projects Company report stated that the value of real estate transactions witnessed a low performance compared to the previous week, according to data from the latest bulletin issued by the Real Estate Registration Department at the Ministry of Justice for the week extending from “September 8 to 12”, as the number of real estate transactions recorded “76” transactions. The report indicated that the value of real estate trading reached more than 208 million riyals. The report explained that the municipalities of Doha and Al Rayyan dominated the major activities in transactions in terms of the number of executed transactions and ranked first and second, respectively. The report indicated that the average number of executed transactions per day amounted to approximately “15” transactions. Meanwhile, the value of transactions on residential units in Lusail and The Pearl amounted to about 58.4 million riyals during the same period.
In terms of the prices per square foot of land for which deals were executed during the third week of September, the real estate index of Al Asmakh Company indicated that there was a variation in prices, explaining that the average offer price per square foot in the Mansoura and Bin Dirham areas amounted to 1,380 riyals, and in the Najma area it was recorded at 1,320 riyals per square foot, and the average price per square foot in the Maamoura area stabilized at 385 riyals, and the average price per foot in the Old Airport area stabilized at 870 riyals for buildings.
The Asmakh Real Estate Index also indicated that the price per square foot in the Aziziyah area was recorded at 365 riyals, while in the Umm Ghuwailina area it was recorded at 1,350 riyals per square foot.
The report stated that the average price per square foot in the Al Thumama area was recorded at 400 riyals per square foot, and the average price per square foot of commercial space in the Al Wakra area was stable at 1,450 riyals, and the average price per square foot for each of (Al Wakra/buildings) and (Al Wakra/villas) was recorded at 590 riyals and 275 riyals, respectively.
The report of Al Asmakh Real Estate Projects Company stated that the average price per square foot in the Al Wukair area recorded a price of 210 riyals. The real estate index of Al Asmakh Company also showed that the average price per square foot increased in the Muaither North area to record 300 riyals, and in the Al Rayyan area it recorded 310 riyals.
Al-Asmakh’s report indicated that the average price per square foot in Al-Gharafa area was 375 riyals, the average price per square foot in Al-Kharaitiyat area was 380 riyals, and in Al-Luqta area it was 300 riyals per square foot.
The report added: The average price per square foot in Al Khor area settled at 210 riyals per square foot, and in Al Kheesa area it was 295 riyals, in Umm Salal Mohammed area it was 290 riyals, and in Umm Salal Ali area it was 260 riyals per square foot.
Prices of residential apartments and villas
Returning to the prices of villas and residential apartments, the report of Al Asmakh Real Estate Projects Company indicated that the average prices of residential apartments in the Lusail area for a one-bedroom apartment are 1.1 million riyals, 1.3 million riyals for a two-bedroom apartment, and 1.9 million riyals for a three-bedroom apartment. The report indicated that prices vary according to the area, size, and location of the apartment in the residential building.
The report also indicated that the average price per square meter in apartments located in the West Bay in the Zigzag Towers is estimated at 11,000 riyals, and there are certain data that may raise the price slightly related to “the location of the apartment and the view inside the towers.”
The selling prices of new apartments in the Pearl project range between 12,000 Qatari riyals and 22,000 Qatari riyals per square meter, depending on the real estate developer.
Regarding villa prices, the Al Asmakh report shows that villa prices vary from one area to another. The report said that the average price of villas in Doha, Al Thumama, Rawdat Al Matar and Ain Khalid is estimated at approximately 3.6 million riyals for an average area of 400 to 500 square metres per villa. It pointed out that this price also applies to villas in Al Gharrafa, Al Luqta, Al Rayyan, Umm Salal and Azghawa for the same previous area.
The report added: Villa prices decrease as we head north, as the price of a villa in the Al Khor and Al Dhakira areas and the surrounding areas for the same area is approximately 2.2 million riyals.