The report of Al-Asmakh Real Estate Projects Company said that expectations indicate that the real estate sector will achieve the best returns during the current year, which makes it maintain its position as one of the safest and strongest sectors, in light of the continued government spending on major development projects included in the 2023 budget, and the great stimulus that this represents. For real estate companies, the development of the operational environment compared to 2022.
In this regard, Al-Asmakh Real Estate Projects Company shows that the estimates indicate a gradual increase in the sale prices of residential apartments during the second half of the current year 2023, indicating that this increase will include specific areas.
The company said that these estimates are due to benefiting from government facilities represented in real estate legislation that expanded the circle of non-Qatari ownership and use of real estate, in accordance with conditions, controls and advantages, including Cabinet Resolution No. 28 of 2020, in addition to the various options offered by real estate developers and owners in implementing Residential projects with multiple spaces suitable for everyone, with high finishes and equipped with all means of entertainment, in addition to competitive prices that meet the aspirations and desires of buyers.
The report shows that the values of real estate transactions in the Pearl area during the months of January and February of the current year 2023 amounted to more than 157.658 million riyals through the implementation of 76 transactions.
The Al-Asmakh Real Estate Projects report added: The State of Qatar, by adopting a policy of economic diversification and focusing on investment in non-oil sectors, will support with this approach many economic sectors such as industry, trade and services, and through this economic policy the real estate sector will witness a wide renaissance in construction operations in various regions. Benefiting from the factors of growth and stability compared to the rest of the economic sectors, and is likely to remain the second most attractive sector for capital during the next two years, and one of the economic pillars in the country after the energy sector.
Land prices and transaction values
The report of Al-Asmakh Real Estate Projects Company said that the values of real estate transactions witnessed a high performance compared to the previous week, according to the data of the latest bulletin issued by the Real Estate Registration Department at the Ministry of Justice for the week extending from “March 12 to March 16”, when the number of real estate transactions recorded “93” deals. The report pointed out that the values of real estate transactions exceeded 359 million riyals.
The report indicated that the municipalities of Doha and Al-Rayyan maintained great activities in transactions in terms of the number of executed transactions and ranked first and second, respectively. The report indicated that the average number of transactions executed per day amounted to approximately 19 transactions.
In terms of prices per square foot of land, on which deals were executed during the third week of March, the real estate index of the Al-Asmakh company indicated that it witnessed a discrepancy in prices, explaining that the average offer prices per square foot in Mansoura and Bin Dirham amounted to 1,380 riyals. In the Al-Najma area, “1,320” riyals per square foot, and the average price per square foot in Al-Mamoura area stabilized at “385” riyals, and the average price per square foot in the old airport area stabilized at “870” riyals for buildings.
The Al-Asmakh real estate index also indicated that the price per square foot was recorded in the Aziziyah area of “365” riyals, and in the Umm Ghuwailina region, the price of “1,350” riyals per square foot was recorded.
The report said: The average price of a square foot was recorded in the Al-Thumama area at a price of “400” riyals per square foot, and the average price of a commercial square foot in Al-Wakra region stabilized at “1,450” riyals, and the average price of a square foot was recorded for both (Al-Wakra / buildings) and ( Al-Wakra / villas), “590” riyals, and “275” riyals, respectively.
The report of Al-Asmakh Real Estate Projects Company said: The average price per square foot in Al-Wukair area recorded a price of 210 riyals. The real estate index of Al-Asmakh Company also indicated that the average price per square foot rose in the northern Muaither area to record “300” riyals, and recorded in the Al-Rayyan area “310” riyals.
Al-Asmakh’s report indicated that the average price of a square foot in Al-Gharrafa region recorded a price of “375” riyals, and the average price of a square-foot width in Al-Kharaitiyat area recorded “380” riyals, and in Al-Laqta area a price of “300” riyals per square foot.
The report added: The average price of a square foot in the Al-Khor area settled at “210” riyals per square foot, and it was recorded in the Al-Kheesah area of “295” riyals, and in the Umm Salal Muhammad area it was recorded at “290” riyals, and in the Umm Salal region it was “260” riyals per square foot. square.
Prices of apartments and villas
Returning to the prices of villas and apartments, the report of Al-Asmakh Real Estate Projects Company indicated that the average prices of residential apartments in Lusail for a one-bedroom apartment are 1.1 million riyals, 1.3 million riyals for a two-bedroom apartment, and 1.9 million riyals. For a three-bedroom apartment, the report indicated that prices vary according to the area, area, and location of the apartment in the residential building.
The report also indicated that the average price per square meter in apartments located in the West Bay in Al Muajaji Towers is estimated at “11” thousand riyals, and there are certain data that may raise the price slightly related to “the location of the apartment and the view inside the two towers.”
As for the selling prices of new apartments in the Pearl project, it ranges from 12,000 QR to 22,000 QR per square meter, according to the real estate developer.
In terms of villa prices, Al-Asmakh’s report shows that villa prices vary from one region to another. The report said: The average prices of villas in Doha, Al-Thumama, Rawdat Al-Matar and Ain Khaled are estimated at approximately 3.6 million riyals for an area of average size between “400 to 500”. square meters per villa. Pointing out that this price also applies to villas in the areas of Al-Gharrafa, Al-Laqta, Al-Rayyan, Umm Salal and Azghawa for the same previous area.
The report added: The prices of villas decrease as we head north, as the price of a villa in Al Khor and Al Thakhira and its surroundings, for the same area, is approximately 2.2 million riyals.
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