Qatar’s real estate market has weathered the fallout from the COVID-19 pandemic, as the country witnessed a significant pick up during the first half of the year, with property sales reaching QR11.4bn during the first six months of the year (H1 2020), an increase of over QR500m compared to the QR10.8bn recorded during the same period last year (H1 2019), according to Ezdan Real Estate report.
The report added that the total value of transactions during the first seven months of 2020 reached QR14.2bn, citing statistics from the Real Estate Registration Department. Amid towering challenges the market has reeled off since the beginning of this year coupled with the outbreak of the Coronavirus (COVID-19) and the lockdown restrictions, which hit adversely large sectors.
The real estate price index continued to rally as the second half of this year started, where the value of property sale transactions gained around QR2.8bn during July 2020. The price index is expected to inch up steadily as lockdown restrictions ease.
The monthly data released by the Planning and Statistics Authority (PSA) reflected a 153 percent surge in the number of properties sold during the month, compared to the same period during the previous year, or 644 properties sold compared to 254 properties during the same period in 2019, with the number of properties sold soaring by 41.2 percent on a monthly basis.
In order to facilitate construction and obtaining building permits, which will ultimately cause a rebound in the real estate market, the cabinet discussed during the last period a report on building permits and the mechanism of issuing them. Eventually, the cabinet approved the proposed solutions to redress the damages and overcome these difficulties and gave permission to bring them into force within a period not exceeding six months, in a manner that ensures easy issuance of building permits and facilitating their procedures.
The Ministry of Municipality and Environment (MME) has announced its cooperation with the General Directorate of Civil Defense at the Ministry of Interior, Qatar General Water and Electricity Corporation (Kahramaa), and the Public Works Authority (Ashghal) to upgrade the building permit system by introducing eight important new amendments to the e-licensing system to make procedures more resilient.
Among the most prominent of these amendments are the issuing of site plates, survey report, the abolition of electricity inspections during construction stage, the providers of communication systems, delivery of service before payment settlements, and others.
The ongoing infrastructure projects in the pipeline as part of urban development which have been carried out during the COVID-19 pandemic triggered a great impact on the activity of the real estate market during 2020, especially after the opening of new roads, which formed a vital nexus connecting the parts of the country and facilitating access to many regions.
This stimulated a rise in real estate price index and the movement of real estate activity by buying and selling of different types of properties, including lands and buildings, in light of the expansion of the urban areas and population.
On the other hand, Ashghal has announced clinching nine new construction contracts for roads and infrastructure development projects in citizen-owned lands with Qatari companies, worth QR3.6bn, in order to serve 5,111 housing plots in different regions across Qatar, covering major six areas including South Sumaysimah, Al-Ibb and Leabib, Umm Salal Muhammad, East Al Wajba, and others.
Ashghal is currently carrying out 33 infrastructure projects worth QR13.7bn for nationals, to serve more than 30,000 housing plots distributed over 17 areas, including Al-Kharitiyat, Rawdat Egdaim, Izghawa, South Al-Wukair, Al Shamal, Al-Mearad, and Muaither, Al-Ibb, Lebaib, South Al-Duhail, Umm Lekhba, Jerryan Nujima, North Ain Khaled, and others.
SOURCE: THEPENINSULAQATAR