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A report released by Al Asmakh Real Estate Project Company stated that as of the end of the first half of 2024, the total local loans and credit facilities provided by banks to private real estate companies accumulated to approximately 179.257 billion riyals, an increase of approximately 7.3 billion riyals compared to the end of 2023.
The report explains that the increase in credit lines provided to the real estate sector confirms that real estate construction business is continuing to grow, and the revision of real estate financing regulations by the Qatar Central Bank has produced positive results in terms of real investment in real estate sales and mortgage lending business, supporting the growth of real estate sector activities.
In this regard, Al Asmakh explained that it expects the sales prices of residential apartments to gradually increase in the third quarter of this year and to accelerate in the fourth quarter of this year, indicating that such increases will be selective.
The report predicts that the real estate industry will achieve good returns in the current and next few years, given the government’s continued spending on major development projects in the 2024 budget, which will consolidate its position as one of the safest and strongest industries. Compared with 2023, this means a huge stimulus for the development of real estate companies and the operating environment.
The report adds: The sector will not see a significant recovery without multifaceted support represented mainly by government facilities, especially real estate legislation, which contributes to expanding the scope of ownership and use of real estate by non-Qataris, according to conditions, the controls and benefits contained in Cabinet Resolution No. 28 of 2020, and the amendments to the Central Bank of Qatar’s controls on real estate financing, which will help support sales operations in a way that supports the revitalization of the real estate sector and enhances the strength of the Qatari economy, in addition to the various options offered by real estate developers and owners to implement residential projects with multiple spaces suitable for everyone, of high quality and equipped with all recreational facilities, in addition to competitive prices that meet the wishes and aspirations of buyers.
Al-Asmakh’s report said that from July 28 last year to August 1 this year, weekly real estate transactions reached 131.05 million riyals, of which 111.95 million riyals were registered in the real estate registration department. Statistics from the Ministry of Justice showed that the transaction value of residential units was 19.1 million riyals, including listings of real estate, houses, residential buildings and residential units for sale, and the sales business was concentrated in the cities of Doha. , Al-Rayyan, Al-Daayen, Al-Wakrah, Umm Salal, Al-Shamal, Al-Khor, Al-Dhakhira and the Pearl Island, Lusail 69, Al-Kharaij and Al-Dafna 60 areas.
Regarding the price per square foot of land that was traded in the first week of August this year, the real estate index of Al-Asmakh Company stated that there has been a change in prices, explaining that the transaction price in the Mansoura and Bin Dirham areas was “1,380” riyals, the Najma area was “1,320” riyals per square foot, the average price per square foot in the Mamoura area remained stable at “385” riyals, and the average price per square foot of buildings in the old airport area remained stable at “870” riyals.
The Al Asmakh real estate index also showed that the price per square foot in the Aziziya area was “365” riyals, while the price per square foot in the Umm Ghuwailina area was “1,350” riyals.
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