DOHA: The 2020 annual budget unveiled on Monday, has reflected the highest budgeted expenditure in the past five fiscal years, which in turn thrusts the real estate growth; an important contributor to the economic growth. The budgeting revealed an increase in expenditure earmarked for major projects of QR90bn, accounting for 0.6 percent increase, controlling approximately 43 percent of gross expenditure. This affirms Qatar’s commitment to provide the financial allocations necessary to complete major projects in various sectors, especially in infrastructure, noted a weekly report by Ezdan Real Estate Company.
The report on real estate activity indicated that one of the main drivers of the real estate market activity is that the annual budget which included new projects awarding worth of total QR8.5bn, mainly delegated to Public Works Authority (Ashghal). Such delivery plan comprise infrastructure projects across the state, including public roads, sanitation, retrofitting and refurbishment of roads, drainage, maintenance and operation projects.
Over the forthcoming 5 years, the state will be budgeting around QR12bn to develop new lands owned by nationals through providing water, power and sanitation supply networks, roads and all other facilities in 13 different zones to be accomplished and delivered to citizens as per a timeframe, the report pointed out.
The Ezdan weekly report noted that the Real Estate Registration Department at the Ministry of Justice reported a sales volume of 64 transactions with a total value of approximately QR382m, distributed among 7 municipalities during the period from 8 to 12 December 2019.
The municipalities are Umm Salal, Al Khor, Al Thakhira, Doha, Al Rayyan, Al Shamal, Al Daayen and Al Wakra. The transactions cover land plots, housing units, multi-use buildings, multi-use space and residential buildings, and Al-Daayen Municipality recorded the highest deal in terms of value by selling a multi-use land plot in Al Kheisa spreading over an area of 19300 square meters, at an average price of QR 270 per square foot, with an aggregate amount of QR 56m. In terms of value for the sale, Doha ranked second by selling a house in the Pearl zone spreading over an area of 1933 square meters, with an average price per square foot high QR2403, totaling QR50m.
