Al Asmakh Real Estate Projects Company report stated that expectations indicate that the real estate sector will achieve good returns during the current year 2024 and next year 2025, which will enable it to maintain its position as one of the safest and strongest sectors, in light of the continued government spending on major development projects included in the 2024 budget, and what this represents in terms of great incentive for real estate companies, and development of the operating environment compared to 2023.
The report added: This sector would not have witnessed a noticeable recovery without the multi-faceted support represented primarily by government facilities, most notably real estate legislation that contributed to expanding the scope of non-Qatari ownership and use of real estate, according to the terms, controls and benefits included in Cabinet Resolution No. 28 of 2020, in addition to the amendments of the Qatar Central Bank to the real estate financing controls, which will contribute to supporting sales operations in a way that supports the activation of the real estate sector and enhances the strength of the Qatari economy, in addition to the various options provided by real estate developers and owners in implementing residential projects with multiple areas suitable for everyone and with high-quality finishes and equipped with all means of entertainment, in addition to competitive prices that meet the aspirations and desires of buyers.
The report shows that the real estate sector during the first half of this year benefited from the financial facilities provided by local banks and banks to the private sector. According to the latest data for the consolidated budget of banks issued by the Qatar Central Bank, the total local loans and credit facilities provided by banks to the local private sector in the field of real estate sector amounted to about 179.257 billion riyals at the end of the first half of this year 2024 on a cumulative basis, recording an increase of approximately 7.3 billion riyals compared to the end of 2023.
The report explained that this increase in the volume of credit facilities granted to the real estate sector confirms that real estate construction operations are in continuous growth, expecting that the amendments made by the Qatar Central Bank to the real estate financing controls will yield more positive results in real estate buying and selling operations, which will support the growth of real estate sector activity.
In this context, the report shows that the value of residential unit trading during the second quarter of the current year 2024 reached more than 317,673 through the implementation of 154 deals.
In this regard, Al Asmakh Real Estate Projects Company explains that estimates indicate a gradual increase in the sale prices of residential apartments during the third quarter of the current year 2024, and their pace will increase in the fourth quarter of the current year 2024, noting that this increase will include specific areas.
