(MENAFN - The Peninsula) Qatar's real estate deal value stood at QR260.5m in the previous week. The real estate market witnessed a sharp decline in terms of value of deals signed during the first week of January 1 to 5 .
The combined value of transactions during the week stood at QR260.5m, witnessing a sharp decline of about 36 percent compared to QR411.7m registered during the previous week.
According to Ezdan Real Estate's latest weekly report , the sharp decline in the value of transactions was due to the absence of any exceptional deals (value exceeding over QR100m) singed during the week.
The number of real estate deals implemented during the week also declined to 54, which was down by 25 percent compared to 72 deals struck during the previous week.
The report, citing data from the weekly bulletin issued by the Real Estate Registration Department at the Ministry of Justice, noted that the list of properties that were traded during the week included open plots of land, houses and mixed-use buildings.
The report also said that the decline in the number of real estatetransactions and value was due to the beginning of the New Year 2017 when most real estate developers remain busy in reviewing and closing their financials for the previous year. It also said that developers usually take time to make fresh investments in New Year.
The mixed-use buildings segment continued its dominant position, in terms of the number of transactions, against deals for the plot of lands, with 36 transactions, accounting for 66.7 percent of the total number of deals signed during the week. The total value of transactions for the sale of mixed-use properties stood at QR164.3m, representing 63.1 percent of the total value (QR QR260.5m) of implemented deals during the week.
The combined value of 18 land plot deals inked during the week touched QR96.2m. The share of land plot deals made during the week accounted for 33.3 percent of the total implemented deals.
Doha Municipality topped among all other municipalities alone bagging 40.5 percent of the total number of implemented deals with the total value reaching at QR105.5m.