File photo used for representation.
The real estate sector of Qatar has ended the year on an impressive note as the value of deals signed during December surged around 128 percent compared to November 2020. Total deals worth over QR5.43bn were registered while 486 properties exchanged hands during December, according to a report released by the Ministry of Justice.
Deals worth QR2.38bn were signed while total 504 properties were sold in November last year. The rise in activity in the real estate sector can be attributed to a sharp improvement in investors’ sentiments due to a solid recovery in the economy.
Qatar had received its first novel coronavirus vaccines last month. In December, news regarding the 41st Gulf Cooperation Council summit in Al-Ula, Saudi Arabia also buoyed sentiments. As expected, the normalisation of relations between Qatar and its neighbours were announced after the summit.
All these factors led to spike in activity in the real estate activity. A look at the monthly real estate report by the Ministry of Justice shows that Doha emerged on the top among municipalities in terms of the value of deals.
Total deals worth QR3.95bn were signed in Doha municipality last month. Al Rayyan came second as deals valuing QR829.56m were signed during the month. Al Daayen municipality witnessed deals worth QR299.99m while Al Wakra registered deals worth QR143.18m in December. Umm Slal recorded deals worth QR129.31m, Al Khor and Al Dakhira QR43.27m, Al Shamal QR38.62m while Al Sheehania registered deals worth QR1.70m last month.
However, in terms of number of properties sold, Al Rayyan toppled Doha Municipality from the top position. Al Rayyan witnessed the highest number of deals as total 126 properties exchanged hand during December.
Doha Municipality came second as it witnessed 118 transactions while Umm Slal and Wakra municipality shared the third place as 48 properties were sold in each.
In November, Doha municipality had grabbed major share in terms of value and ranked on the top as real estate deals worth QR1.04bn were signed in 90 transactions.
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.
