April sees huge fall in properties' transactions, values
There was a substantial fall in both the number of transactions of properties’ and their values across the country this April compared to the corresponding month last year, according to figures issued by the Ministry of Development Planning and statistics.
Gulf Times reported that while there were 601 transactions in April 2015, the number fell to 313 this April, falling nearly 47.9%. March, 2016 witnessed 348 transactions.
In Doha municipality, there were 80 transactions this April compared to 100 transactions in March. There were 119 transactions in April last year.
While the value of the properties transacted in the country was close to QR5.36bn in April 2015, the figure fell to QR1.90bn during the corresponding month this year, by nearly 64.4%.
Even the figure for March 2016 (QR2.79bn), was much higher than the April 2016 figures. In Rayyan, the transactions fell by more than 50% this April. While there were 159 deals in April 2015, there were only 75 transactions in April this year.
Similar falls were witnessed in Umm Salal (April 2015 - 79, April 2016 - 21), Al Wakrah (April 2015 - 84, April 2016 - 49), Al Khor (April 2015 - 52, April 2016 - 24), Al Daayen (April 2015 - 85, April 2016 - 51), and Al Shamal (April 2015 - 23, April 2016 - 12).
Of the 313 deals that took place in April this year, 116 were vacant lands, 97 villas, 13 apartments, 62 were residences. In April 2015, 411 vacant lands were transacted, 104 villas, 4 apartments and 74 residential buildings.
While Doha witnessed properties' transactions worth QR2.76bn in April 2015, the figure fell to QR838mn this April.
Al Wakrah too experienced a down turn. While properties worth QR726mn were sold there in April 2015, the figure came down to QR283mn this April.
In Rayyan too there was a big fall. While it was QR1,015bn in April 2015, only properties worth QR475mn were sold in April 2016.
The fall in transactions in Umm Salal municipality was also reported. While transactions fetched QR262mn in April 2015, the figure fell to QR61mn this April.
Another point of interest was the massive sales that took place in Daayen municipality in March this year. Properties worth QR830mn were transacted there in the month. But the figure fell sharply to QR175mn in April.
Courtesy: gulf-times.com
You are right.. They'll probably take their money and invest abroad for now..
However, real estate prices are cyclic .. so will probably rise again in due course
Government made little panic about the overall economic condition. Now what happens is that Investors including high net worth individuals are forced to rethink the current situation and afraid to invest at here.
Will the prices fall any further ? Rizks has asked me to invest in a penthouse in Wakrah ...
Falls are always good. When you're down it can only go up.
It's almost as if Qatar is suffering from an economic downturn and suffering financially.
Where is the cross ? All I see is an opening designed for looking out and deterring invaders
This is a free promotion, so, don't worry.
we appreciate other religions, but we don't want to promote them? @onshaath - are u hearing urself?!!
Please change the image. It has a cross, and that's not fine. We appreciate other religions, but we don't have to promote them!!!!!!
This is interesting ..... Will invest now in Wakrah - joys