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Property market records a gloomy start to the year

There was a lull in the otherwise vibrant real estate sector this year, as owners held on their properties due to weakening demand and reduced prices, a real estate market expert said.

According to Ahmed Al Oruqi, potential buyers weren’t willing to offer the old, higher rates, which is why the value of property transactions in January was comparatively low.

Real estate transactions totalled to QR2.7bn in January this year, down from QR3.6bn in December 2015. The number of deals totalled to 255 in January this year, as against 331 in December 2015.

According to Al Oruqi, the General Manager of Roots Real Estate Company, the market was gloomy in January due to low demand, as owners were sticking to the old prices, which is too high.

Another real estate expert said that oil prices may improve next year, which would certainly push up the sale with the increase in demand for real estate.
However, Oruqi is of the opinion that the oil prices is unlikely to have any impact on Qatar real estate market, as infrastructure development projects were in full swing.

The development projects are still in progress, and so the question of low oil prices affecting the real estate market does not arise here, he said.

Al Rayyan, Doha’s sprawling satellite city topped in terms of number of transactions both in December 2015 and January 2016. The city accounted for 30 percent of total number of transactions in January, while Doha had a share of 29 percent. But the value of transactions in Doha was more than double that of Al Rayyan. However, the value of transactions in Doha was more than double that of Al Rayyan.

The highest price for a single piece of real estate was offered for a property in the posh Al Dafna locality of Doha at QR360mn in January. The interest may seem fine for the first time, Al Shehaniya included, as the eighth municipality in the figures announced by the Real Estate Registry of the Ministry of Justice for the month of January 2016. One real estate transaction has been held in the new municipal area in January, with a value of QR2million.

Posted on 2/3/2016

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