Add another boom to the region: Qatar’s real estate sector grows 44%

497Qatar’s real estate sector grew 44.8% year-on-year in March and accounted for QR4.2bn compared with QR2.9bn in the same period in 2013, Ezdan Real Estate said in its monthly report.

This, the report, said indicates a “recovery” in the Qatar’s real estate market in view of the current construction boom in the country.

The total value of property transactions in the first quarter amounted to QR11.9bn compared with QR8.8bn Q1, 2013, a growth rate of 35.2%.

Deals registered in January reached about QR4.8bn compared with QR2.8bn in the same period of 2013, a growth of 71.4%.

The value of property transactions in February reached about QR2.9bn compared with QR3.1bn in the same period last year, which denotes a slight decline of 6.4%.

Ezdan said the Qatar’s fiscal budget for the year 2014 – 2015 gave a “strong impetus” to the real estate sector in particular, recording growth in government spending on major projects and infrastructure projects. This, it said will provide stimulus for the growth of Qatar’s real estate sector.

The general budget was based on the directives issued by HH the Emir and focused on the provision of the necessary financial allocation for health and education sectors, in addition to mega projects in the infrastructure and transport sectors. The budget also targets implementation of the rail and other projects related to Qatar’s hosting of FIFA World Cup 2022.

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