Qatar News: Housing

Could the housing boom be drawing to a close in Qatar? Qatar Journal reports today that over 2000 apartments are sitting empty in this city of sky-high rates. The owners, sucked into paying (and no doubt borrowing) large amounts of money, refuse to accept rents below their lofty expectations. They may be better advised to take what they can get now. With more high rise apartment blocks seemingly going up than are already up, and property coming on-line in the Pearl, this could be one bubble that is about to pop.

Certainly one major company has bailed out, according to a report by Arabian Business today. Bavaria City Suites, which we previously reviewed here, is an enormous apartment block in the centre of Qatar, providing more than 2000 suites and studios. Yet, and although letting has already started, the company has pulled out of the project stating scheduling and quality concerns.


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