Qatar Real Estate News
Property prices, rents fall in Doha suburbs
The prices in real estate sector have dropped by nearly 50 percent in the suburbs of Doha, which re-kindles hope of a downslide in the rental market too, property market operators in Doha revealed yesterday.
The ongoing global economic turmoil has put a sudden halt to the property boom in the country. While the land prices have dropped by nearly 30 percent within Doha city limits this month alone, the rates in the suburbs are declining faster.
Land plots in few suburbs are now available for QR400 per square meter, which is almost half of that in the previous month. The property investors are expecting further fall in land prices in days to come, revealed Abdul Wahab, a property agent.
Rents have also begun dropping due to the downturn in property sector, another property official said.
The house rents this month have dropped by as much as 20 percent. A new apartment which was otherwise available for QR10,000 a month, is now being offered for QR8000, he commented.
“The new residential buildings are being completed in large numbers in and around Doha, easing supplies further. But, there are few takers, and this in turn, is increasing pressure on property owners. Hence if a property has to be rented out, the rental rates have to be lower,” the official said.
As for property prices, the official said that the loan defaulters would be prompted to sell their landholdings following Eid Al Adha. This would bring more pressure on pricing, and then, the land prices too, would surely come down further after the festive season.
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