Qatar’s real estate sector “is still showing a signs of firmness and consistency” amid the “repercussions and consequences” of the oil price drop, SAK Holding Group Market Watch Office said in its monthly report for April 2017.
The report said real estate transactions in various regions of the country in the past months indicate “a state of recovery that reflects the position of the real estate sector.”
Also, the report said land trading and prices may improve despite an 80% drop in sales. “The real estate sector benefited from business acceleration and development projects led by the government in and out of Doha City, which created numerous investment opportunities for real estate companies, investors, and land owners, which were recently connected to new modern roads networks,” the report said.
Citing data from the Ministry of Development Planning & Statistics, the report said the a total of 1,781 building permits were issued in the first quarter of the year, 491 for building villas, 330 for building youth loans housing, in addition to 52 licences for the construction of residential buildings.
In March, the ministry recorded the highest activity in terms of licences issued, which amounted to about 667 licences, followed by January (638), and February (476). The first quarter of 2017 witnessed licensing of 16 new government buildings, 54 commercial buildings, and 29 workshops and factories, and 25 mosques.
“The real estate market flow will persist in the next three years without any effect on the course of the market; it will remain relative,” the report said.
The report also commended the efforts undertaken to develop the tourism sector, which will enable the industry to contribute effectively to GDP development, with a 5.2% contribution “in the coming years.”
“The indices of both the hotel sector and the hospitality sector are generally outstanding, and the target of making the tourism sector one of the pillars of economic diversification in Qatar will soon be reached. It will create more than 100,000 jobs and various levels of employees will be introduced,” the report said.
Business / Eco./Bus. News
Qatar property market ‘firm and consistent’ amid low oil prices, says report
Land trading and prices may improve despite a drop in sales, SAK Holding Group Market Watch Office says in its report.
