Qatar Real Estate News
Qatar property market going through a silent phase
Owing to the global financial crisis, the real estate market in Qatar has remained inactive over the past couple of weeks, according to few agents.
Several villas and flats that are open for hire, have remained vacant with no takers. However the rentals continue to remain the same, despite an increase in supply.
A real estate agent in Doha, who spoke to The Peninsula, stated that majority of their customers are from the oil and gas sectors. However, the past weeks, have not seen major demand from this segment. The agent attributed this fact to the ongoing global financial crisis.
The demand for properties dropped 40 percent compared to same period last year. Few oil and gas companies are now building their own properties for their staff accommodation, and this could also be the reason for fall in demand, the agent said.
A boom was otherwise expected in the property market, following the prolonged Ramadan and summer holidays. But, that however, did not happen, the agent lamented. Even the repeat advertisements in newspapers seeking takers for the same property, is a clear indication about the stagnancy prevailing currently in the market.
According to the agent, the prices are likely to fall if this trend continues in the coming months. Although the landlords may be unwilling to reduce rentals fearing loss of revenues, the property cannot be kept vacant for long.
Apart from this, several prominent Qatari businessmen expressed fears that any fall in prices of real estate, would adversely affect investors, who have invested huge amounts on these properties.
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