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FINANCIAL NEWS
Qatar apartment rents drop 4% in Q2
14 Jul 2010
(MENAFN) Apartment rents fell by almost four percent in Qatar in the second quarter, a lower decline than in the first quarter, in a sign its residential rental market is stabilising, The Peninsula reported.
But continued oversupply in the office sector will further pressure office rents, as more space is handed over in the second half of 2010, UAE-based real estate services firm Asteco said.
On the sales side, transactions remained flat in the second quarter, which could indicate the market is bottoming out, but relaxing mortgage requirements would go a long way towards helping market recover, Asteco associate director Jed Wolfe said in the report.
Industry experts have said Qatar is learning lessons from Dubai’s flawed speculative building model, which imploded during the global financial crisis and saw residential prices plunge some 60 percent from their 2008 peak.
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