“I

Qatar Today - - BUSINESS > REALTY CHECK -

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.

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