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Sunday, November 23, 2008

Plunging Property Prices

Qatar Real Estate: Much of it is still under construction
Qatar Buildings

Both the Gulf Times and the Peninsula have carried stories on falling property prices: last Thursday the Gulf Times related that prices had fallen 30 %, while the Peninsula today stated that real estate prices had decreased by almost 50% in the suburbs. Quite a fall over the weekend, then!

While this must be devestating news for property investors, there may be cheer for those renting properties, some of whom have spent tens of thousands of pounds over the years. According to the story in the Peninsula, rental prices have fallen by 20% already, with an apartment previously available for QAR10,000 now available for QAR8,000.

Even as I write this post the sound of building drifts in through my open window from half a dozen directions - the same noise that keep me awake at night. With huge numbers of properties under construction or nearing completion, there is not much hope for a rapid recovery in prices. In fact, this initial drop may just prove to be the beginning.

Building in Qatar takes place round the clock
Night building

Also see: Buying Property in Qatar
Find out more about prices in Qatar on our Qatar Forum
Search for property to rent with Qatcom Property Search

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