Real estate sector has swung back to action with deal-making activity increased in November. Values of deals and number of deals registered strong growth last month compared to October. The sector witnessed real estate deals worth QR2.38bn last month compared to QR1.75bn in October, reflecting a rise of around 36 percent.
Total 504 properties were sold in November compared to 494 real estate deals in October, according to data released by the Ministry of Justice, yesterday. Doha municipality grabbed major share in terms of value and ranked on the top as real estate deals worth QR1.04bn were signed in 90 transactions in November.
Al Rayyan municipality came at second as deals worth QR490m were signed in 118 transactions while Al Wakra municipality ranked third with QR355.5m deal value and 81 transactions.
Properties worth QR278m were signed in 96 transactions in Al Daayen municipality. Umm Slal witnessed transactions worth QR117.5m in 57 transactions. Al Khor and Al Thakhira municipality saw deals worth QR58.7m were signed in 34 transactions. Al Shamal municipality witnessed signing of real estate deals worth QR41.6m in 28 transactions.
The increase in real estate deals signals recovery in the sector. Over the past few months, the sector has demonstrated resilience. Deals worth 4.2bn were signed in around 500 transactions in August.
In the last two quarters, the deal size in the real estate sector has nearly doubled, showing that the sector has recovered much of the ground it had lost during the peak of COVID-19 outbreak.
During April-June quarter of this year, when pandemic outbreak slowed the pace of commercial activities, deals worth QR5.4bn were signed, according to the Planning and Statistics Authority. While, during July-September quarter, deals worth QR10.1bn were signed, signaling confidence among real estate investors and buyers.
The deal-making activities had reached their lowest in April and May during the year. Deals worth QR818m were signed in April in total 215 transactions while in May deals worth QR758m were struck in 180 transactions, according to data available with the Planning and Statistics Authority.
But since then, activities have gained momentum. June marked the start of the recovery in the sector as real estate properties worth QR3.8bn exchanged ownership in 456 transactions. The trend of a solid recovery was confirmed next month as deals worth QR2.8bn were signed in around 644 transactions.
