09 March 2017
The real estate transactions increased 47 percent, QR2.2bn in February this year compared to QR1.5bn in the corresponding month last year, said Ezdan monthly report.
The report was prepared based on the weekly real estate report issued by the property registration department at the Ministry of Justice.
The growth in real estate transaction was recorded in second month in a row this year. The real estate sector is moving towards right direction and has entered in the phase of recovery. Real estate sector is expected to keep giving positive performances during coming months befitting from strong economy and ongoing giant projects especially those related to infrastructure developments, main motive for real estate sector.
First week of February (from January 29 to February 2) witnessed transactions of QR955.1m with 63 deals. The ready buildings took the lion shares of transactions accounting 83.8 percent. Deals related to ready buildings reached 48 account ing for 76.2 percent of total deals struck with a value of QR800.2m. Total 15 deals ,worth QR154.9m, for plots of land were witnessed during the week accounting for 23.8 percent of total deals.
The value of real estate transactions declined due to lack of big deals in the second week. Number of deals declined at 11 percent. A total of 56 deals worth QR231.3m struck in second week. A total of 82 deals worth QR743.1m were registered in third week (from February 12 to 16). Plots of land accounted for 19.5 percent of total transactions with 35 deals worth QR144.6m. The deals related to ready buildings accounted for 80.5 percent transactions with 47 deals worth QR598.5m.
Fourth week (from February 19 to 23) recorded 66 deals worth QR249.2m with plots of land took 63.6 percent of total transactions at 42 deals. The ready building shared 24 deals.
Last month, 133 houses, six multi-used buildings, 10 residential buildings and three housing complexes were sold.
© The Peninsula 2017