Muscat: Residential land prices in Oman led the general index of real estate prices in the Sultanate of Oman to record a decline of 2.6 percent in the first quarter of 2024, according to statistics issued by the National Centre for Statistics and Information (NCSI).   The residential land price index decreased by 0.9 percent, apartment price index fell by 17.3 percent, villa price index increased by 0.8 percent while the price index for other homes decreased by 4.3 percent. The general residential real estate price index recorded a decrease of 2.9 percent in the first quarter of 2024 compared to the fourth quarter of 2023, where the residential land price index recorded a decrease of 0.8 percent. The number for residential apartments decreased by 14.8 percent, villas by 2.1…

Doha, Qatar: Qatar’s retail real estate sector remained steady during the first three months of the year, providing an increase in supply, according to commercial realty agency - Cushman and Wakefield’s report. This static growth comes as a result of ongoing expansions in the market across Qatar. Lulu Group International, one of the key players in the region, opened several stores in Q1 2024. The report outlined that numerous units are “being fitted out”. At the same time, it is anticipated that outlets including Doha Mall will open their doors to the public in 2024, adding close to 100,000 sq m of retail floor space to the market, which is expected to represent the largest mall in South-West Doha. It said: “The opening of Doha Mall will see Qatar’s…

Kuwait's Public Authority for Housing Welfare (PAHW) has annnounced that work is moving at a steady pace on its ambitious project - Sabah Al Ahmad City - mainly the south and east sectors of the project, with power connection given to 40 of the total 60 buildings within the mega development.   The PAHW authorities are currently focusing on developments in the south and east sectors, as well as a vertical housing initiative in the investment suburb. This phase of the project aims to create 20,380 plots, stated PAHW in its statement. The officials said the East Sabah Al Ahmad City project, which involves the development of 1,148 homes alongside public buildings, road infrastructure, and service networks, was also reviewed. A 61.5 sq-km development, Sabah Al Ahmad City, was formed…

Doha, Qatar: The volume of real estate trading in sales contracts at the Department of Real Estate Registration at the Ministry of Justice during the period from June 2 to 6, 2024 reached QR371,311,423, while the total sales contracts for residential units in the Real Estate Bulletin during the same period reached QR31,123,000.   The weekly bulletin issued by the Department shows that the list of real estate properties traded for sale included vacant lands, houses, a building complex and residential units. Sales were concentrated in the municipalities of Al Rayyan, Doha, Al Daayen, Al Wakrah, Umm Salal, Al Khor, Al Dakhira, and the areas of The Pearl Island, Legtaifiya and Al Kharaej. The volume of real estate trading in sales contracts registered in the Real Estate Registration…

Doha, Qatar: Qatar’s real estate sector has witnessed surge as the number of properties sold increased in April this year. The total number of properties sold totalled 201 in the country in April 2024 registering a yearly increase of 28 percent. On yearly basis of the total number of sold properties by municipality, Al Rayyan constituted 49 properties showing a rise of 11 percent on year on year basis, followed by Al Wakra 45(309 percent), Umm Slal 22 (29.4 percent), Al Shamal 8 (700 percent), Al Khor and Thakhira 10.5 (110 percent) in April 2024.While Doha, Al Daayen, and Al Sheehaniya municipalities saw decline on yearly basis, according to figures released by the National Planning Council. The country saw a total of QR811.6m worth of properties sold in April 2024. The real…

Doha, Qatar: The rents of marts across the country witnessed a subtle decrease during the first three months of the year, having returned to the same price range during the third quarter of 2023, noted market experts from Qatar’s e-realty platform, hapondo.   However, the average asking rents climbed up during the fourth quarter of 2023 in many of Qatar’s retail areas. Researchers state that the majority of the retail shops noticed a decline from QR214 per sqm to QR 182 per sqm from January to March 2024. According to analysts, key commercial localities such as Al Sadd, witnessed a fall in the average rent for two consecutive quarters and amounted to QR157/sqm in Q1. The Peninsula spoke to a number of shopkeepers to understand how the rental decline would impact the…

Prime Minister and Minister of Foreign Affairs HE Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani chaired the Cabinet's regular meeting held at its seat at the Amiri Diwan on Wednesday morning.     After the meeting, HE Minister of Justice and Minister of State for Cabinet Affairs Ibrahim bin Ali Al Mohannadi issued the following statement:   At the outset of the meeting, the Cabinet extended sincere greetings to HH the Amir Sheikh Tamim bin Hamad Al-Thani on the advent of Eid Al Adha, asking Allah Almighty to return this blessed occasion for His Highness with the best of health and wellness, and for the State of Qatar and its people with further development and prosperity under the wise leadership of HH the Amir, as well as the Arab and Islamic nations with…

Doha, Qatar: A new guideline to clarify rights and duties of landlords and tenants will be issued soon, said a top official.   “In this guide, we explain the legal rights and duties entailed by rental contracts, in addition to the financial rights and duties of the beneficiaries,” said Rosa Al Shammari, Head of the Office of the Rental Dispute Resolution Committees Headquarters at the Ministry of Municipality. Speaking to Qatar TV recently, she said that the guide will simplify further the procedures and cover all clients of the office. Al Shammari said that lease contracts of residential buildings and commercial facilities are on the same pattern as per the provisions of the Decision No. 1 of 2020. To a question about the mechanism for receiving complaints related…

Bahrain - Eagle Hills Diyar, one of Bahrain’s most prolific urban developers, has secured a BD130 million ($343 million) dual currency real estate financing facility, to further its ambitious goals for the development of its iconic waterfront project Marassi Al Bahrain.     Announcing this at a key ceremony held in Manama, Eagle Hills Diyar said UAE bank Mashreq had played a vital role in structuring this real estate deal, acting as the sole co-ordinator, book runner (IMLAB), investment manager, security agent, and account bank.   Mashreq Bank along with Kuwait Finance House – Bahrain mandated as lead arrangers, fully underwrote the entire facility.   Dr Maher Al Shaer represented Eagle Hills Diyar at the ceremony alongside Tarek El Nahas, the Group…

Qatar’s real estate market is poised to benefit in the long-term, driven by several infrastructure projects and developments, expansion of the industry across the country, and investment-friendly initiatives implemented by the government.     There has been a significant growth in the value of mortgage transactions across all asset classes, growing by 89 percent on quarter-on-quarter (Q-o-Q) basis and 36.8 percent on year-on-year basis (YoY), according to Real Estate Research First Quarter (Q1) 2024 by ValuStrat, released yesterday.   In the first quarter of 2024, the Qatar real estate market witnessed 236 mortgage transactions across all asset classes of ready properties. The total sales value attributed to mortgage transactions stood at QR16.8bn, an increase of…

The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at the Ministry of Justice in April amounted to QR811,561,323.   The data of the real estate analytical bulletin issued by the Ministry of Justice revealed that 201 real estate transactions were recorded during the month.   Doha, Al Rayyan, and Al Wakrah municipalities topped the most active transactions in terms of financial value in April, according to the real estate market index, followed by Al Dhaayen, Umm Salal, Al Khor and Al Dhakira, and Al Shamal.   The real estate market index for April revealed that the financial value of Doha municipality’s transactions amounted to QR282,847,223. The financial value of Al Rayyan municipality’s…

Real estate prices in Qatar have dropped to their lowest level in recent years following four consecutive months of decline, according to a new report.     The country’s Real Estate Price Index, compiled by the Qatar Central Bank, stood at 202.43 in April 2024, the lowest since earliest available data in January 2020, data published by the banking authority showed. The index had previously dropped to its lowest in February 2021 at 202.5.   The index, which is based on the figures provided by the Ministry of Justice, also posted a decline for four consecutive months, falling from 225.12 in December 2023 to a little over 202 in April. Given the decline in prices, Qatar-based real estate marketplace hapondo noted that the Qatari real estate market is likely to…