Qatar’s real estate transactions see 49% rise in April: Utopia Properties
AS many as 0 property deals worth QR2.18 billion were struck between April and April 28 in Qatar, up 4 percent when compared with that in March and percent against that in April, 2021, according to Utopia Properties.
The deals included 1 6 houses, 160 vacant plots, 1 residential buildings, six apartment complexes, five commercials buildings, six multi-purpose vacant plots and two multi-purpose buildings. Besides the months saw the sale of a set of retail shops and a palace.
In terms of selling prices during last April, Utopia Index stated that the average sale of vacant land deals amounted to QR 48 per square foot, while the average selling price of houses deals amounted to QR440 per foot, and the average sale of residential building deals was QR1,250 per foot.
Doha municipality acquired the largest percentage of the value and number of deals during April 2022, with 10 real estate deals representing 1 percent of the total number of deals, with a value of QR1.18 billion, which constitutes approximately 54 percent of the total transactions values during the month.
Price trends
Mohamed Farghaly, CEO of Utopia Properties, said: “The last month witnessed the execution of one of the exceptional deals that is
rarely all over the year, through the sale of a residential complex whose value exceeded half a Billion Riyals in the Al-Egla zone located in Doha Municipality. That deal constituted approximately 25 of the total real estate transactions values executed last April”.
He added, “Despite the noticeable increase in rental values, especially residential ones in various zones all over the country by 25-50 , the average selling price of real estate in Qatar has not changed significantly during the past few months, as the average selling price of vacant lands ranges between 200 to 450 riyals per foot depending on the municipality, zone and use. The price of housing ranges between 00 to 600 riyals per foot, while the average selling price of the foot in residential buildings is about 1250 riyals per foot.”
The CEO of Utopia Company indicated that the price map confirms that small deals between one million and three million riyals
continue to dominate the bulk of deals number, as they constituted 60 of the number of deals executed during April, which is the same percentage that it acquired during March and February 2022. While last April witnessed only 25 deals between 5 to 10 million riyals, 18 deals between 10 to 20 million riyals, and 11 deals between 20 to 50 million riyals, and only 4 deals with a value exceeding 50 million riyals were recorded.
Notable deals
Rashid Fahd Al Ajlan Al Kaabi, General Manager of Utopia Properties, said the monthly index also monitored the presence of a number of relatively large deals, the most prominent of which was the sale of retail shops in Muaither zone in Al Rayyan municipality with a value of QR105 million at a price of QR1,0 8 per foot. ast month also witnessed the sale of a vacant land in Al-Egla zone in Doha Municipality worth QR84 million with a price of QR 0 per square foot.
A deal was also executed to sell a vacant land in the same zone worth QR1 million, at a selling price of QR2 per foot. Msheireb zone also witnessed the sale of a vacant land worth QR45 million riyals at a price of QR1, 78 per foot and an area of 0 square meters.
Kaabi added that the readymade properties dominated the bulk of the transactions values and volumes during April 2022, with a value exceeding 1. 6 billion riyals and accounting for 62 percent of the total value of deals. It also accounted for 50 percent of the number of deals, especially as it varied between houses, residential buildings and apartment complexes as well as commercial buildings and multi- purpose buildings. These properties had the greatest demand among investors during the current period, in light of the search for quick returns as well as for the relative decline in terms of its average price compared to previous years.
10 deals worth QR24 million in Izghawa
In April, Izghawa zone located in Al Rayyan Municipality witnessed the execution of 10 deals worth QR24 million with an average of QR2.4 million per deal. All recorded deals were a vacant plots.
The average selling price of deals in Izghawa was QR 06 per foot. The lowest price for foot was QR245, while the highest price was QR 0.