think Qatar's booming real estate market has been affected a little due to what has been going on in China and elsewhere in the world,” said Al Orouqi, adding that it was natural for the otherwise “brave and confident” real estate Qatari investors to have been a little subdued by global activities.
Real estate transactions in the last week of August showed a total value of less than QR 595 million, whereas the weekly transactions usually average QR 1billion.
However, Al Orouqi stressed that confidence was high and that investors in Qatar have tremendous faith in the real estate market. House rents are stable, since new housing stocks were not coming on the market, he pointed out.
United Development Company (UDC), the master developer of The Pearl-Qatar (TPQ) successfully concluded its first limited auction offering of nine Qanat Quartier townhouses, according to a statement.
Through the envelope bidding method, UDC auctioned some of the finest and most luxurious townhouses in the Venice-like community of Qanat Quartier. In what was considered to be a very competitive process with a set minimum opening price of QR25,000 ($6,865) per square meter, a number of bids exceeded this amount, consequently setting a new benchmark for future sale rates at TPQ, where further real estate investment opportunities are expected to be offered in the fourth quarter this year in what is expected to impact UDC's outlook and further its growth for the current financial year and beyond.