(MENAFN- The Peninsula)
Deepak John
|
The Peninsula
Doha, Qatar: Real estate trading in Qatar has crossed QR1bn in June this year. According to the real estate data from the Ministry of Justice, the real estate transactions during June reached QR1.118bn.
During June 2024, the real estate transactions index achieved a total value of QR1.118bn for 285 real estate deals. Compared to May 2024, it is found that the index of real estate has registered a decrease of 11 percent, while the value of real estate trading index decreased by 11 percent, and the traded areas index increased by 8 percent, according to data by Real Estate Registration Department at the Ministry of Justice released, yesterday.
Al Rayyan, Al Dhaayen and Doha Municipalities topped the most active transactions in terms of financial value during June 2024, the real estate market index revealed.
The real estate market index for the month of June 2024 revealed that the financial value of Al Rayyan Municipality transactions amounted to QR358m. Meanwhile, Al Dhaayen Municipality transactions totaled QR290m and Doha Municipality's transactions amounted to QR288m.
In terms of the traded space index, indicators reveal that Al Rayyan, Doha, and Al Dhaayen Municipalities recorded the most active municipalities in terms of traded real estate spaces during the month of June, with 40 percent for Al Rayyan, 24 percent for Doha, followed by Al Dhaayen Municipality with 17 percent of the total transaction area.
The trading volume revealed that the highest value of 10 properties sold was recorded for the month of June, registering six properties in Al Dhaayen Municipality, three properties in Al Rayyan, and one property in Umm Salal.
As for the volume of mortgage transactions that took place during the month of June 2024, the number of mortgage transactions amounted to 78 transactions, with a total value of QR4,581,635,139.
Al Rayyan Municipality recorded the highest number of mortgage transactions with 28 transactions, equivalent to 39.9 percent of the total number of mortgaged properties. This was followed by Al Doha with 24 transactions equivalent to 30.8 percent and Al Dhaayen Municipality with 15 transactions representing 19.2 percent.
As for the value of mortgages, Doha Municipality came in the lead with a value of QR3.268bn while Al Khor and Al Dhakira Municipality recorded the lowest value reaching QR1.175m.
The residential unit trading movement during June this year witnessed a decrease in trading volume compared to May 2024 as the number of transactions for residential units reached 52, with a total value of QR122.648m.
The issuance of Law No. (5) of 2024 regulating real estate registration, will work to attract more foreign investors and enhance local sales by simplifying buying and selling processes and enhancing the level of transparency and credibility.
The law governing property registration introduces several innovative provisions aimed at safeguarding the rights and properties of citizens and residents, as well as enhancing legal protections for investments.
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