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2020 budget expenditures to boost real estate market

Tribune news network
The recently promulgated general annual budget of 2020 has reflected the highest budgeted expenditure in the past five fiscal years, which in turn thrusts the real estate growth; an important contributor to the economic growth, Ezdan Real Estate Company said in its weekly report on Tuesday.
The budget revealed an increase in expenditure earmarked for major projects at QR90 billion, accounting for 0.6 percent increase, controlling approximately 43 percent of gross expenditure.
This affirms Qatar’s commitment to provide the financial allocations necessary to complete major projects in various sectors, especially in infrastructure, the report noted.
The report on real estate activity indicated that one of the main drivers of the real estate market activity is the annual budget, which included awarding of new projects worth QR8.5 billion, mainly delegated to Public Works Authority (Ashghal).
Such delivery plan comprise infrastructure projects across the state, including public roads, sanitation, retrofitting and refurbishment of roads, drainage, maintenance and operation projects, the report said.
Over the forthcoming five years, the state will be budgeting around QR12 billion to develop new lands owned by nationals through providing water, power and sanitation supply networks, roads and all other facilities in 13 different zones to be accomplished and delivered to citizens as per a timeframe, the report pointed out.
In conjunction with this, Real Estate Registration Department at the Ministry of Justice reported a sales volume of 64 transactions with a total value of approximately QR382 million, distributed among seven municipalities during the period from December 8 to 12 2019.
The seven municipalities are Umm Salal, Al Khor, Al Thakhira, Doha, Al Rayyan, Al Shamal, Al Daayen and Al Wakra. The transactions cover land plots, housing units, multi-use buildings, multi-use space and residential buildings.
Al-Daayen municipality recorded the highest deal in terms of value by selling a multi-use land plot in Al Kheisa spreading over an area of 19,300 square meters, at an average price of QR270 per square foot, with an aggregate amount of QR56 millio.
In terms of value for the sale, Doha ranked second by selling a house in the Pearl Qatar zone spreading over an area of 1,933 square metres, with an average price per square foot high QR2,403, totaling QR50 million.