The emergence of new smart cities in Qatar as part of urban development is contributing heavily to the advancement of real estate products to record levels.
The new urban communities such as Musherib, Lusail and The Pearl Qatar are witnessing a powerfully built infrastructure, in addition to the substructure technologies that equip the smart cities with competitive qualities, a report by Ezdan noted.
Coinciding with the launching of the new mega projects of smart cities in Musherib, and Lusial the report indicated that these models in Qatar are gradually becoming a tangible reality.
Lusail now is known as the “City of Future in Qatar”. It is currently being developed and equipped with smart infrastructure at a cost of US 45bn. The project provides a high-tech operating environment that includes telecommunications networks, to ensure the provision of advanced services.
The report pointed out that the world is increasingly turning to smart cities as a growing trend, which seeks to integrate digital technology into real estate management in order to improve the efficiency of operations and services, promote diversity and sustainable economic growth, and enhance public services and quality of life for citizens, expats, and visitors in Qatar.
Taking a view of the figures realized in terms of value and volume of real estate activity during the period from December 29, 2019 to January 2, 2020, the Ministry of Justice’s Real Estate Registration Department has registered 51 property sale transactions concluded at approx. QR467m, distributed over 7 municipalities; namely Umm Salal, Al Khor, Al Thakhira, Doha, Al Rayyan, Al Shamal, Al Daayen and Al Wakrah.
The transactions subsumed land lots, buildings, multi-use buildings, multi-use land lots, and residential premises. Doha domineered in terms of deal value through the sale of residential premises in Al Messila spreading over a 19225-meter square, at a price per square foot of QR882, totaling QR182.5m.
Doha Municipality also ranked second in terms of value through the sale of a mixed-use land plot spreading over 12541 square meters in Lusail, worth QR87.7m, at QR 650 per square foot. In sum, Doha’s aggregate value of sales outnumbered throughout the week. Meanwhile, Umm Salal witnessed the lowest real estate deal in terms of value for a vacant land lot of 375 square meters in Umm Abiriya, at a price roughly around QR248 per foot square, totaling QR1m.