DOHA: The real estate market remained nearly stable during the fourth week of April (from 20 to 24) with the combined value of transactions reaching at QR705m, down 1.2 percent compared to QR713.3m during the previous week, according to the latest Ezdan weekly report.
However, the number of transactions during the week declined to 136, down by 37.3 percent compared to 217 deals inked during the previous week. According to Ezdan report, the record level of transactions remained the same compared to the average weekly transactions since the beginning of the year, despite the absence of any major exceptional transactions of more than QR150m.
Al Rayyan Municipality acquired the largest number of transactions during the week with the execution of 28 deals acquiring 20.6 percent of the total number of transactions implemented during the period.
While Doha Municipality remarkably emerged through implementing 26 transactions, noting that land transactions represented 62.2 percent and other real estate 37.4 percent of total deals over all areas.
The market will witness a recovery in the coming weeks, especially in the plots of land sector, noting that investors and real estate developers are directed towards the establishment of more new real estate projects.
The report, quoting the recent weekly bulletin issued by the Real Estate Registration Department at the Ministry of Justice, said the average daily value of transactions amounted to QR141m compared to QR142.7m in the previous week.
Al Rayyan Municipality ranked first in terms of the value of transactions in the fourth week of April, acquiring real estate deals worth QR240m compared to QR147.4m in the previous week, witnessing an impressive increase of 62.8 percent.
The value of the top deal in Al Rayyan Municipality was a QR130m for the sale of a plot of land at Muaither area sized 20,351 sqm at a rate of QR6,388 per sqm.
While Doha Municipality ranked second in terms of trading value of deals recording QR205.7m compared to QR313.3m in the previous week, registering a decrease of 34.3 percent. Doha acquired 29.2 percent of the total transactions with the implementation of 26 deals against 68 deals struck during the previous week. The highest deal in Doha was worth QR50m, through the sale of a residential compound in Freej bin Mahmoud with an area of 2,062 sqm. The plots of land represented 23.7 percent of the total transactions in Doha Municipality at QR48.7m, while the value of other real estate represented 76.3 percent worth QR157m.
Al Wakrah Municipality ranked third in terms of the value of transactions, reaching at QR75.4m by implementing 20 deals. The highest valued deal in Al Wakrah was QR12.2m for the sale of a plot of land with an area of 1,204 sqm. The Peninsula
