Al Asmakh Real Estate Projects Company report said: The past few years have witnessed significant growth in the commercial real estate and hospitality sector in Qatar through the opening of a number of hotels, resorts and shopping malls, supported by the development of a comprehensive infrastructure that meets all requirements and aspirations.
The report added: The state’s plans to develop sea, air and land transportation facilities, in addition to developing tourist and popular facilities, in addition to the various recreational and tourist events and activities carried out by state agencies and the private sector throughout the year, are all major factors that directly contributed to increasing the number of visitors to Qatar at high rates during the current year, and led to the recovery of the tourism sector and the growth of the returns of retail and hospitality properties, in line with the great efforts made to consolidate Qatar’s position on the global tourism map following its successful hosting of a number of major global and continental events, and at the same time keeping pace with the requirements of hosting these events during the current year and the coming years.
The report explained that these plans will contribute to supporting the growth of real estate construction operations in the hospitality and commercial sectors, to keep pace with all requirements, as well as keeping pace with the aspirations and needs of consumers.
The report said: The government is currently developing plans to build facilities that are consistent with Qatar’s interest in developing the tourism and hotel sector, as the state and relevant authorities seek to boost tourism revenues and improve the quality of service provided in hotels.
He added: All the steps taken by the relevant authorities in the tourism sector will bring about a major boom in the hospitality sector in Qatar and a positive qualitative shift that will develop this vital sector.
The report also indicated that Qatar is currently working on diversifying its GDP sources through various sectors, including the construction and real estate sectors, which will create major accompanying projects that will help enhance the growth of the services sector and provide new opportunities for projects and work.
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 “August 4 to 8”, as the number of real estate transactions recorded “55” transactions. The report indicated that the value of real estate trading reached about 202.5 million riyals. The report explained that the municipalities of Al Rayyan and Doha acquired the major activities in transactions in terms of the number of executed transactions and occupied the first and second places, respectively. The report indicated that the average number of executed transactions per day amounted to approximately “11” transactions. While the value of transactions on residential units in Lusail and The Pearl amounted to about 17.7 million riyals during the same period.
In terms of the prices per square foot of land for which deals were executed during the second week of August, 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 recorded 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 400 riyals, while the average price per square foot in the Al Wakra area stabilized at 1,450 riyals, and the average price per square foot for each of (Al Wakra/buildings) and (Al Wakra/villas) was 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.