The report of Al-Asmakh Real Estate Projects Company said: Sales in this important sector will witness growth during the coming period, amid the development of real estate marketing operations, and the opening of new projects in promising cities and regions such as Lusail and The Pearl-Qatar, indicating that the Qatar Central Bank’s amendments to real estate financing controls will contribute to supporting sales operations.
The report added: The new controls 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 Central Bank’s amendments will yield positive results, whether for local banks or real estate investors, stressing that these facilities activate the real estate sector and enhance the strength of the Qatari economy.
The report believes that the real estate sector has been able to prove its ability to be the largest supporter of the national economy and host major events, and is now working on developing its marketing plans to preserve the legacy and the gains it has achieved.
In addition, the report shows that the concerned authorities continue infrastructure development work in many areas, and the report indicates that a large part of this work comes within the framework of projects to serve thousands of housing plots for citizens’ lands, as the concerned authorities were able to complete the work of infrastructure projects to serve nearly 4 thousand housing plots for citizens’ lands in all regions of the country by the end of the year 2022.
The report said: The concerned authorities are working on implementing the infrastructure works in various government division projects in stages, as it is expected that the current year 2023 will witness the completion of the infrastructure works to serve thousands of residential plots in the areas (Al-Ebb, Leabaib, Simaisma, Al-Kharaitiyat, Izghawa, Al-Khor, Muaither, and Al-Mashaf).
Al-Asmakh’s report for real estate projects confirms that these projects will contribute to attracting investors’ attention to these areas, which will enhance construction and construction work in those areas. It will also contribute to the recovery of the real estate sector significantly, in addition to its contribution to increasing the demand for land in those areas, as well as promoting investment, especially for commercial and tourism projects.
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 “July 9 to July 13.” The number of real estate transactions recorded “69” deals, and the report pointed out that the values of real estate transactions amounted to about 300.8 million riyals.
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.
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 that the average price per square foot in the Al Khor region settled at 210 riyals per square foot, and 295 riyals in the Al Kheesa region, 290 riyals in the Umm Salal Muhammad region, and 260 riyals per square foot in the Umm Salal region.
Prices of apartments and villas
Returning to the prices of villas and apartments, the Al-Asmakh Real Estate Projects report 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 also indicated that the average price per square meter in apartments located in the West Bay in 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.”
