Qatar’s real estate sector has gained from the remarkable growth and development of the country’s tourism sector, Ezdan Real Estate has said in its weekly report.
Qatar National Tourism Council’s efforts have bolstered tourism sector’s development, it said.
On the number of visitors to Qatar, Ezdan said during the first ten months of the year (from January to October), it reached 1.66mn, up 13% on the same period last year, citing Planning and Statistics Authority data.
This coincides with the opening of QNTC representative offices in major exporting markets including United States, Britain, France, Italy, Turkey, Russia, India, China and Southeast Asia.
In addition, World Tourism Organisation (WTO) has placed Qatar in the eighth position in the ‘Openness Index’ and the first in the Middle East.
The incessant growth seen in tourism and its positive outcome on the real estate sector have been facilitated by the government measures to ease visa procedures, which allow natives of more than 80 countries to enter Qatar without prior visa arrangements. Hotels of different categories have seen an increase in occupancy levels.
Real estate activity by value and volume during the period from December 15 to 19 (based on registration done at Real Estate Registration Department) accounted for some 51 transactions worth QR256.6mn. These were distributed over seven municipalities: Umm Salal, Al Khor, Al Dhakhira, Doha, Al Rayyan, Al Shamal, Al Daayen and Al Wakra.
The sales included land lots, residences, multi-use buildings, multi-use space, and residential buildings.
Doha Municipality had seen the highest deal in terms of value through the sale of a mixed-use land lot in Legtaifiya of 14,180 square meters with price per square foot reaching QR400, and totalling QR 61.1mn.
Doha Municipality ranked second in terms of deal value emanating from the sale of a residential building in Al-Sadd, spreading over 2249 square meters, at QR 1239 per square foot, and totalling QR30mn, Ezdan Real Estate said.