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Rahul Preeth
Doha
The rather quiet but lively neighbourhoods in Al Rayyan emerged as the most sought-after place for home-buyers in Qatar towards the end of 2018, according to the latest figures from ValuStrat.
Homes in these suburbs accounted for nearly 27 percent of all residential unit sales in the last quarter (Q4) of 2018, the valuation firm said in its quarterly review of the real estate market in Qatar. While 22 percent of the sales took places in Doha, Al Daayen accounted for 18 percent, sealing the first three spots in domestic home market popularity.
The median prices of homes sold in the final three months of last year hovered around QR2.7 million, with the juiciest deals taking place in The Pearl, New Slata, Nuaija, Al Sakhama and Umm Salal Ali. Plots ranging from 1,500 square metres (sqm) to 7,000 sqm proved to be the favourites, the report said.
As many as 60 transactions were recorded for residential buildings with a median price of QR6.75 million in Q4. As of October 2018, transactional volume in The Pearl and West Bay Lagoon was 526 units, with a total value of QR1.15 billion, the report said.
When it came to rental rates, the ValuStrat report said, the median asking rents declined 10.8 percent year-on-year and 2.2 percent quarter-on-quarter.
Median monthly asking rents for apartments fell 2.3 percent quarterly and 10.6 percent annually. The highest quarterly fall in rentals was seen in Al Sadd, West Bay, Al Mansoura and Fereej Bin Mahmoud.
“Due to increased availability of residential facilities in certain areas such as Doha Al Jadeed, Lusail, Al Wakrah, Musheireb and Old Aiport, tenants were offered incentives in the form of rent-free periods of up to three months (minimum 1-year contract) and waiving utility expenses,” the report said.
As regards sale of office space, 2018 began with an estimated 3.89 million sqm Gross Leasable Area (GLA)
Only 26 percent of the anticipated 960,000 sqm GLA was completed during the year, making the total office stock 4.1 million sqm at the end of 2018. Around 125,000 sqm GLA was added to stock with completion of office buildings in Energy City (Lusail) and Al Khor in the fourth quarter.
Rents ranged from QR80 to QR220 per sqm depending on the quality of the office space and building age, the report said.
The hospitality industry also witnessed a lot of activities in the last quarter of 2018. According to the report, 1,730 more rooms were added during the period, leading to total number of hotel rooms and service apartments to 26,665 units within 127 establishments.
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23/01/2019
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