The report of Al-Asmakh Real Estate Projects Company said that the real estate market will receive new projects during the current year 2023, as the construction of a number of buildings for the hospitality sector will be completed, most of which will be hotels of different categories, in addition to a number of residential and mixed-use real estate projects in new and promising cities such as Lusail and The Pearl. In addition to the southern regions in Al-Wakra and Al-Wukair, and some areas north of Doha, indicating that spending on real estate projects will remain at a high level during the next few years.
The report indicated that the areas located north and south of Doha are witnessing a good construction movement, indicating that the reason for this is due to the advanced infrastructure projects, especially those related to roads in those areas, in addition to the expansion of urbanization and the presence of service facilities and transport sector facilities.
Land prices and transaction values
The report of Al-Asmakh Real Estate Projects Company said that the values of real estate transactions witnessed a low 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 “June 4 to 8 this year”, when the number of real estate transactions recorded “90” deals. The report pointed out that the values of real estate transactions amounted to about 381.8 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 18 transactions.
In terms of prices per square foot of land, on which deals were executed during the second week of June, 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 a price of “400” riyals per square foot, 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 both (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.
Residential apartments and villas
Returning to the prices of villas and apartments, the report of Al-Asmakh Real Estate Projects Company indicated that the average prices of residential apartments in Lusail 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, area, 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 Al Muajaji Towers is estimated at “11” thousand riyals, and there are certain data that may raise the price slightly related to “the location of the apartment and the view inside the two towers.”
As for the selling prices of new apartments in the Pearl project, it ranges from 12,000 riyals to 22,000 riyals per square meter, according to the real estate developer.
In terms of villa prices, Al-Asmakh’s report shows that villa prices vary from one region to another. The report said: The average prices of villas in Doha, Al-Thumama, Rawdat Al-Matar and Ain Khaled are estimated at approximately 3.6 million riyals for an area of average size between “400 to 500”. square meters per villa. Pointing out that this price also applies to villas in the areas of Al-Gharrafa, Al-Laqta, Al-Rayyan, Umm Salal and Azghawa for the same previous area.
