DOHA: Land and property prices are expected to rise considerably in the near future as mega development projects are launched and a rising number of international companies make a beeline to enter the booming Qatari market, real estate sector sources say.
After land and property prices went up almost 50 percent last year, a lull is being witnessed in sale transactions for the past four weeks, data issued by the real estate registration department of the justice ministry show. “This is a lull before a storm,” a market source said, hinting the market would look up in the near future.
Sales of land and property totalled QR2.1bn in the past four weeks as against QR3.1bn recorded in the same period in 2012, showing a 41 percent drop. “Land and property prices are very high. That might be affecting demand for the time being. But soon the situation is expected to reverse,” said a source.
Market sources say the demand for land and property is likely to shoot up as soon as some mega projects are launched. Since bank rates remain low, the sources expect a heavy flow of liquidity from the banking industry to the real estate market.
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