Al Asmakh Real Estate Projects Company report stated that real estate sales will witness a recovery in the coming period, 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 the laws and legislation issued in the field of the real estate sector will contribute to supporting the growth of this promising sector in the long term, including the law regulating the ownership and use of real estate by non-Qataris, and the amendments of the Qatar Central Bank to the real estate financing controls will contribute to supporting sales operations.
The report added that the new controls of the Qatar Central Bank are in line with the requirements of the current stage, especially with the increase in the ceilings for granting financing to three categories, indicating that the amendments of the Central Bank will yield positive results for both local banks and real estate investors, stressing that these facilities stimulate the real estate sector and enhance the strength of the Qatari economy.
The report believes that 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 shows that the concerned authorities are continuing to develop infrastructure in many areas, and the report indicates that a large part of this work comes within the framework of projects to serve thousands of 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 it is expected that the current year 2024 will witness the completion of infrastructure works to serve thousands of residential plots in the areas of (Al Ebb, Leabaib, Semaisma, Al Kharaitiyat, Izghawa, Al Khor, Muaither, and Al Mashaf).
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
The report of Al Asmakh Real Estate Projects Company stated that the value of real estate transactions witnessed a high 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 “June 30 to July 4”, where the number of real estate transactions recorded “79” transactions. The report indicated that the value of real estate trading reached more than 362.5 million riyals. The report explained that the municipalities of Doha and Al Rayyan acquired 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 “16” transactions. While the value of transactions on residential units in the Pearl, Lusail and Legtaifiya amounted to more than 31.3 million riyals during the same period.