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Qatar's January Real Estate Transactions Hit $115 Million

Posted by Jereco O. Paloma on Feb 09, 2016 09:25 AM EST
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DOHA, QATAR - JANUARY 04: View of the skyline of the West Bay area in Doha is taken on January 4, 2011 in Doha, Qatar. The International Monetary Fund (IMF) recently reiterated its projection for the Qatari economy with predictions of double digit growth for 2010 and 2011. Though natural gas and petroleum production are still the biggest two single sources of income, the non-energy sector overtook oil and gas in Qatari GDP for 2009. Qatar is heavily dependant on foreign labour from countries such as India, Sri Lanka, Bangladesh, the Phillipines and other Arab countries. Foreigners make up approximately two thirds of the Qatari population. The FIFA world cup 2022 will takes place in Qatar. (Photo : Christof Koepsel/Getty Images)

For the first four weeks of 2016, Qatar saw a whopping $115 million worth of real estate transactions, which signals a much brighter year in Qatar's leading property market.

Data from Qatar-based real estate firm Ezdan Holding Group, as reported by the Construction Weekly Online, revealed that as of the fourth week of January, the total dollar value of real estate recorded in Doha's capital rose by 8 percent compared to the same period in 2014. 

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The report, however, noted that in terms of number of deals, volume fell by 40 deals as opposed to the 57 total real estate deals observed in the fourth week of January 2014.

The same report added that the large chunk of the increase recorded between January 24 and 28 was largely due to major deals amounting to QR100 million. Doha emerged as the best performing real estate market across Qatar, both in terms of the total number of transactions as well as total Riyal value.

Overall, for the whole month of January, the total worth of real estate transaction in Doha was pegged at QR221.3 million, which is more than half or 52 percent of Qatar's overall real estate transaction value. In terms of the number of transactions, Doha saw a total of 15 transactions in the fourth week.

Despite the generally positive real estate environment observed in Doha, the overall property market in Qatar currently faces challenges, as reported by the Peninsula Qatar. The report noted that the challenges were apparently caused by the tight spending from the government sector and various corporations.

"Over 2015, redundancies in the hydrocarbon and government sectors, together with new building completions have increased vacancy levels in many areas. The increase in vacancy levels has been most evident in the past three months, where we have started to see rents in some areas reduce for the first time since 2009," an analyst at DTZ was quoted as saying by the Peninsula Qatar. 

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