Qatar - Resilient realty sector
(MENAFN - The Peninsula) QATAR real estate sector has continued to witness deal-making activity, even during the challenging situation created by the COVID-19 pandemic.
According to recent figures released by Ministry of Justice, the realty sector witnessed deals worth QR1.64bn in 428 transactions during October this year.
The real estate transactions were spread across the country.In terms of volume of real estate deals, Doha Munic-ipality was at the top spot as it witnessed transactions worth QR617.4m during last month, which was the highest figure among the municipality across the country.
However, in terms of number of real estate transactions, Al Rayyan Municipality came at the top as total 120 real estate deals were struck during October.
Al Dhaayen Municipality came third in terms of volume of real estate deals as transactions worth QR232.62 were registered during the month. Umm Slal Municipality witnessed deals worth QR136m while Al Wakrah Municipality, which is buzzing with several infrastructure works, witnessed deals worth QR221m in total 52 transactions during October.
The growing number of real estate transactions reflects the strong recovery in the economy. The economic activity in the economy is continuously gaining pace after the easing of precautionary put in place to curb coronavirus outbreak. This has increased the confidence of private sector and companies have restarted expanding their activities.
With companies firming up their expansion plans, the demand for commercial real estate has moved up. Similarly, many areas in the countries are witnessing increase in rents of residential units. Several other indi-cators have also validated the strong economic recovery in Qatar's economy.
Various sectors of the economy, including industrial production, hospitality, automobile, real estate and maritime, are showing signs of strong rebound in activity. Qatar's Industrial Production Index (IPI) for May 2021 stood at 105.8 points, showing an increase of 6 percent compared to the previous month (April 2021).
When compared on year-on-year basis, the IPI index has increased by 1.7 percent compared to the corresponding month in 2020, according to the data released by the Planning and Statistics Authority.The exports from Qatar have also continued to maintain upward trend.
In the second quarter of this year, the total exports including exports of domestic goods and re-exports amounted to QR71.1bn, showing an increase of QR33.3bn or 88.1 percent compared to QR37.8bn during Q2, 2020; and an increase of nearly QR7.2bn or 11.2 percent when compared to the first quarter of 2021.
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