DOHA: Qatar’s land market has grown positively by 10% within the last quarter with that in Doha witnessing “exceptional” demand both by investors and developers, according to Al Asmakh Real Estate Development Company (Aredc).
“The demand for lands in and around Doha is higher because the inclination of end users is towards such areas,” said a report from Aredc Valuation and Research department.
Highlighting that in terms of land purchase, the most expensive area within Qatar is Grand Hamad Street, followed by West Bay; it said the average land price at Grand Hamad Street would be QR3,500 per square feet, whereas, commercial lands in West Bay (Al Dafna) can be transacted at an average rate of QR 3,300 per sq.ft.
The average land price in Al Sadd is QR1,950 per sq.ft. Commercial lands located in areas near to C-Ring Road may fetch a price range of QR2,000 to QR2,500 per sq.ft.
Al Wakrah, a neighbouring area where the standalone villa lands can be transacted at average price of QR300 per sq.ft., residential lands at QR820 per sq.ft. and commercial land at QR1,600 per sq.ft. The area is currently being developed into villa compounds by Ezdan Holding. “Investors’ genuine interest can also be found in upcoming areas near Salwa Road and Al Shamal Road as vacant lands with various approvals are up for sale,” the report said.
Farm lands secure around 3% of the total land area of Qatar, some of which are currently being proposed to convert for urban development. If this proposal is accepted, investors and developers shall have more options to purchase.
As per 2010 census, only 9% lands have been urbanised, while the remaining 91% within Qatar are either vacant or in barren condition, it said.
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