Doha tower sells for record $134.5mn

Extended lull over as buildings draw premium prices in Doha

NEWS, Business, Building, Construction, Real estate development, Residential and commercial buildings

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In the exclusive area of Al Dafna, Doha, a tower was sold for a record QR490mn ($134.5mn) - at QR200,000m² ($54,916m2).

The sale came on the back of a real estate surge during the week 28 September to 2 October that, after an extended lull, rose to an all-time high of QR1.5bn ($411.8mn).

The week saw 171 deals taking place, totalling QR1.49bn ($405.6mn), compared to 157 deals in the previous week, which totalled QR831.6mn ($226.3mn).

Of note recorded during this time, was a deal involving a house admeasuring 1,763m², in Bin Mahmood in Doha, which sold for QR83mn ($22.7mn), or QR47,000 per m² ($12,905 per m2), according to the Real Estate Registration Department at the Ministry of Justice.

Among the numerous smaller houses and plots sold during the week, eight plots admeasuring 658m² were sold in the Al Asmakh area of the city, each for QR20mn ($5.4mn), while a substantial plot in Al Gharrafa suburb (measuring over 10,000m²) was sold for QR80mn ($21.9mn). Also, in Najma, a 771m² a house went under the hammer for QR30m ($8.2mn) and in the area of Al Waab in Al Rayyan, a 6,400m² plot sold for QR45.5mn ($12.4mn).

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