A recent report by Al Asmakh Real Estate Development Company, has revealed the spiraling property prices in Qatar.
Land prices continue to rise with expatriate-dominated working class localities in Doha like Najma, Al Mansoura and Umm Ghuwailina commanding high rates. Here are the average rates based on recent real estate transactions:
- Al Mansoura, Bin Dirham – QR 2,075 per square foot
- Najma, Umm Ghuwailina – QR 1,900 per square foot
- Old Airport Area – QR 1,200 per square foot
- Al Mamoura – QR 525 per square foot
- Al Thumama – QR 510 per square foot
- Al Gharrafa – QR 460 per square foot
- Al Rayyan – QR 440 per square foot
- Al Laqta – QR 420 per square foot
- Umm Salal Mohamed – QR 360 per square foot
- Muaither – QR 330 per square foot
- Umm Salal Ali – QR 300 per square foot
In the 18 designated residential areas where foreigners are allowed to buy real estate, a one BHK (bedroom, hall and kitchen) commands QR 1 million, a two BHK unit QR 1.3 million and a three BHK unit QR 1.4 million.
Per square metre rate of apartments in these areas averaged QR 11,000 to QR 12,000.
In the Pearl-Qatar, the apartment rate worked out to be between QR 13,000 and QR 22,000 per sqm on average and in the Towers area, it was QR 12,000 per sqm on average.
25,000 new housing units by year-end
An estimated 25,000 new housing units are expected to come on the market by this year-end driven by rising demand, says a real estate development company.
The rents of furnished apartments have already gone up by 15 percent in the first half of this year as compared to first half of 2014, said the report.
The demand for housing is forecast to grow between 20 and 25 percent in the second half of this year, according to the report.
The company, which is a major real estate developer, said an estimated 100,000 new housing units will be added to the existing stocks over the next four years.