The report of Al-Asmakh Real Estate Projects Company confirmed that the real estate sector benefited from the significant improvement in infrastructure, especially with regard to new transportation facilities, and the development of infrastructure such as roads and bridges.
In addition, the report indicated that the transportation sector projects represented in sustainable development facilities, such as Hamad International Airport and its expansion, Hamad Port, and the development of roads, bridges and tunnels, accompanied by the railway network, especially the Doha metro and the light rail in Lusail City, have become the main engine for the growth of the real estate sector. These projects contributed to the recovery of the retail and hospitality sector, and this was reflected positively in the recovery of real estate construction operations by benefiting from expansion projects in the hotel sector to increase the capacity of the hospitality sector, in addition to benefiting from projects to establish commercial complexes.
Boosting tourism revenues
The report said: The developers of the hospitality sector are continuing their plans to build facilities that are consistent with the Qatari interest in developing the tourism and hotel sector, amid the country’s endeavor to enhance tourism revenues and improve the quality of service provided in hotels, to attract increasing numbers of visitors and tourists from different countries of the world.
He added that these strategic projects have caused a major boom in the hospitality sector in Qatar and an excellent quantum leap in it, and expectations indicate an increase in the number of hotel rooms during the next year.
The report indicated that the retail real estate market in Qatar witnessed a growth of nearly 20 percent in 2022 with the opening of huge commercial markets, such as the “Place Vendome” mall in Lusail City, in addition to the completion of the “Doha Mall” works in the Mesaimeer area, which contributed to doubling the areas The gross leasable, in addition to the huge commercial centers in different regions of Qatar.
The report also indicated that Qatar is currently working to diversify the sources of gross domestic product through various sectors, including the construction and real estate sectors, which will create large 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 said that the values of real estate transactions witnessed a high performance compared to the previous week, according to the data of the latest bulletin issued by the Real Estate Registration Department at the Ministry of Justice for the week extending from “30 April to 4 May this year”, when the number of real estate transactions recorded “68 A deal, and the report pointed out that the values of real estate transactions amounted to more than 813.850 million riyals.
The report indicated that the municipalities of Doha and Al-Rayyan maintained great 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 transactions executed per day amounted to approximately 14 transactions.
In terms of prices per square foot of land, on which deals were executed during the second week of May, the real estate index of the Al-Asmakh company indicated that it witnessed a discrepancy in prices, explaining that the average offer prices per square foot in Mansoura and Bin Dirham amounted to 1,380 riyals. In the Al-Najma area, “1,320” riyals per square foot, and the average price per square foot in Al-Mamoura area stabilized at “385” riyals, and the average price per square foot in the old airport area stabilized at “870” riyals for buildings. The Al-Asmakh real estate index also indicated that the price per square foot was recorded in the Aziziyah area of 365 riyals, and in the Umm Ghuwailina area, the price of 1,350 riyals per square foot was recorded.
The report said: The average price of a square foot was recorded in the Al-Thumama area at “400” riyals, and the average price of a commercial square foot in Al-Wakra region stabilized at “1,450” riyals, and the average price of a square foot was recorded for (Al-Wakra / buildings) and (Al-Wakra / villas). ), “590” riyals, and “275” riyals, respectively.
The report of Al-Asmakh Real Estate Projects Company said: The average price per square foot in Al-Wukair area recorded a price of 210 riyals. The real estate index of Al-Asmakh Company also indicated that the average price per square foot rose in the northern Muaither area to record “300” riyals, and recorded in the Al-Rayyan area “310” riyals. Al-Asmakh’s report indicated that the average price of a square foot in Al-Gharrafa region recorded a price of “375” riyals, and the average price of a square-foot width in Al-Kharaitiyat area recorded “380” riyals, and in Al-Laqta area a price of “300” riyals per square foot.
The report added: The average price of a square foot in the Al-Khor area settled at “210” riyals per square foot, and it was recorded in the Al-Kheesah area of “295” riyals, and in the Umm Salal Muhammad area it was recorded at “290” riyals, and in the Umm Salal region it was “260” riyals per square foot. square.
