A tower located in Doha’s skyline at Al Dafna area was sold at a whopping price of QR375m ($103 million), taking the total value of real estate transactions to over QR1bn ($275 million) mark during last week of February (from 24-28), witnessing a massive jump of 158 percent compared to QR391.3m ($107.5 million) in the previous week, Ezdan Holding Group's weekly report said.
With the sale of the tower, with an area of 4,667 square meters (sqm), Doha Municipality topped, both in terms of individual transaction value as well as proportion of the total value of deals, bagging about 55 percent of the week's trading value at QR555.5m, registering a remarkable growth of 151 percent compared to last week, according to the report.
The total value of the real estate transactions during the week stood at QR1.011bn with the execution of 198 deals in total, taking the average daily transaction to QR202.2m with a growth of 65 percent versus QR78.3m in the previous week.
The tower at Al Dafna, and 15 villas, 23 houses, two residential buildings and a few shops alone accounted for over 55 percent of the total value of the real estate transactions.
"During the last week, the real estate sector witnessed a great refreshment in the transactions on the levels of selling and mortgage regarding the total value of transactions where 198 deals were executed with a total value of over QR1bn, supported by the grand exceptional deal implemented in Doha with a value of QR375m for the tower located in Al Dafna area," said the report.
The weekly report expected that the real estate transactions will continue their recovery during the coming weeks, especially in the sector of plots, and the trend of real estate investors and developers towards the establishment of new real estate projects. It (the report) referring to the weekly Bulletin issued by the Real Estate Registration Department in the Ministry of Justice said that the transactions of the last week of February, extended from February 24-28, witnessed a rise in the total value of real estate traded, either by selling or mortgages.
A plot at Al Matar Al Ateeq, with an area of 2,151 sqm, was sold for QR23.8m at the rate of QR11,100 per sqm. In addition, a villa in Al Lo'lo'a with an area of 1,762 sqm was sold for QR15.4m at the rate of QR8,800 per sqm.
A commercial space (shops) at Al Matar Al Ateeq with an area of 629 sqm was sold for QR12m at the rate of QR19,100 per sqm.
And a residential complex at Umm-e-Ghwailina, with an area of 628 sqm, was sold for QR8.3m at the rate of QR13,100 per sqm.
Al Wakrah Municipality came in the second place in terms of real estate deals singed during the week by bagging 18.6 percent of the total value of transactions amounting to QR188.5m as a result of 33 deals, with a standard rise in the value of transactions by 287 percent as compared to the previous week. The price of the top deal in Al Wakrah was QR40.6m from the sale of a plot with an area of 3,284 sqm.
Umm Salal Municipality stood in the third position with QR119m as a result of 57 deals, constituting about 12 percent of the total transaction value signed during the week.