File Photo. The sun sets over Lusail City. Salim Matramkot / The Peninsula
Lusail and The Pearl-Qatar are leading in providing new residential units in Doha, showing that they are ready to meet demand from prospective buyers.
An estimated 9,000 units are projected to be completed by end of 2019, with 35 percent expected in Lusail, 35 percent in The Pearl-Qatar and the remaining units across other areas, according to a report by ValuStrat, a real estate consultancy firm.
Other areas that will see new residential units include Fereej Bin Mahmoud, Nuaija, Musheireb, Onaiza, Al Dafna, Al Sadd, Ain Khaled, Al Khor, Abu Hamour.
A mix of 1,700 apartments and villas were added during the second quarter of this year, which brought the total stock to 294,700 units as of end of second quarter. Apartment supply consisted of 1,500 units from delivered projects in The Pearl, Lusail, Fereej Bin Mahmoud, Old Ghanim, Fereej Abdul Aziz, Musheireb and Al Dafna.
The size of deals has also seen a significant increase during the quarter. The report noted that median transacted ticket sizes for houses increased by 12 percent quarterly and 3 percent annually.
“Quarter-on-Quarter increase in median transacted prices can be attributed to larger ticket sizes of housing transactions experienced in areas such as Al Kharaitiyat, Al Markhiya, Lusail, Abu Hamour, Madinat Al Khalifa and Rawdhat Al Hamama,” Pawel Banach, General Manager, ValuStrat told The Peninsula.
“The median ticket size for residential houses was QR2.8m. The five largest ticket sizes were seen in The Pearl, New Salata, Lusail and Abu Hamour for dwellings ranging from 1,400 sq m to 5,500 sq m,” Banach added.
The median transacted price for residential houses, during the first quarter of this year, was QR2.5m. The deals in real estate come amid several initiatives taken by the authorities to boost the sector. Authorities have taken several measures to further strengthen real estate sector. These measures will play a crucial role in bringing long-term capital in country’s real estate. One of major steps was the approval by Cabinet, in March this year, to a draft law on the regulation of non-Qatari ownership and use of real estate. The recent law amendment of expanding freehold ownership will also help in attracting investors. Qatar has allowed non-Qatari investors and companies to invest in the strategic real estate sector and own properties in several vital economic and tourism areas across the country.
