(MENAFN- The Peninsula) By Mohammad Shoeb I The Peninsula
Qatar: Qatar's real estate market witnessed a remarkable double-digit growth in October 2018 compared to the value of transactions in the previous month. The combined value of real estate deals signed during the month touched QR1.74bn, registering a sharp jump of 33.2 percent compared to QR1.30bn recorded in the previous month (September).
When compared on year-on-year basis, the October transaction value (of QR1.74bn) was down 73.2 percent against QR6.52bn in the same months last year due to several big valued transactions signed during the month, latest official statistics show.
According to the November monthly bulletin released by the Ministry of Development Planning and Statistics, there were 332 real estate transactions inked during the month of October against 349 deals in September 2018. The number of total transactions signed in October 2017 stood at 580.
Deals for the vacant plots of land, with the combined value of QR352.7m, accounted for over 20 percent of the total value (QR1.74bn) in October 2018, up 3.1 percent compared to QR342.3m previous month. And the combined value of deals for Villa complex and Residential houses reached QR628.6m, accounting for 36 percent of the total.
In terms of the value of transactions, Doha Municipality ranked number one with QR760m worth of properties sold in October 2018, registering a sharp growth of 62.8 percent compared to QR466.9m for September 2018.
Al Rayyan and Al Daayen municipalities, with deal values of QR469.4m and QR232.2m, stood at second and third positions, respectively. But, in terms of the monthly growth in the value of transactions, Al Wakra Municipality registered the highest growth of 85.5 percent.
The value of transactions in Al Wakra area surged to QR111.9m in October 2018 against QR60.3m in the previous month. Al Rayyan and Doha witnessed the second and third highest growth in the value of monthly transactions in October, representing 64.1 percent and 62.8 percent, respectively.
However, in terms of the number of transactions, Al Rayyan Municipality stood at the top with the highest number of 82 deals signed in October 2018, up 2.5 percent against 80 deals inked in the previous month. Doha and Al Daayen municipalities closely followed Al Rayyan area (in terms of the number of properties sold) with 71 and 68 deals, respectively.
MENAFN0912201800630000ID1097806073
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.