Unfazed by the blockade on Qatar, the local real estate market is giving good performance, said real estate experts.
Real estate transactions reached over QR530m during July 4 to July 6, according to a report issued by the real estate registration department at the Ministry of Justice yesterday.
A total of 48 plots of land, commercial buildings, houses, and villas were sold last week.
“The blockade does not have any impact on local real estate market,” Khalifa Al Musalmani, a Qatari real estate and expert told The Peninsula.
“About 97 percent investors of real estate are citizens and they have zero fear on the future of real estate market due to blockade.”
“So I assure the investors that there is no need to worry because of blockade. The market is strong, it is performing well and it is expected to be continued, said Al Musalmani.
Speaking on volume and number of real estate transactions made last week, the real estate evaluator and expert said “an average real estate trading ranges between QR400m and QR500m in the local market”.
“Last week transaction reached QR530m it means that market is performing very well,” said Al Musalmani. Most big deals were struck in Al Wukair that falls under Al Wakrah municipality.
The highest transaction worth QR195m was a plot of land measuring 126,989 squm in Al Wukair followed by another plot of land measuring 43,934 sqm that was sold at QR60m at same area.
Another plot of land measuring 32,486 sqm gave its owner QR55m in Al Wukair. A plot of land measuring 42,030 sqm was sold at QR35m in Al Wukair.
A multi-used building measuring 20,622 sqm located in Al Mashaf area of Al Wakra municipality provided QR30m to its owner. Another multi-used building measuring 828 sqm at Rawdat Al Khail, Doha municipality was sold at QR35m.
A residential complex measuring 2,450 sqm at Al Wab, Al Rayyan Municipality traded at QR20m.Another deal struck last week was a plot of land measuring 2,368 sqm at QR10m in Muither, Al Rayyan municipality.
The remaining deals ranges between QR1m to QR5m and some of them costs below half million Qatari riyals.The small deals includes a plot of land measuring 104 sqm at a total of QR392,308 in Al Wakra and a house measuring 210 sqm worth QR943,125 in Umm Salal Ali.
Doha and Al Wakra municipalities took the highest numbers of deals as 12 deals each followed by Umm Salal Municipality with 10 deals. Al Rayyan Municipality ranked third with seven deals. Al Khor and Al Zakhira Municipality shared five deals.
