FINANCIAL NEWS

Qatar property prices likely to recover in 2011

03 Sep 2010

(MENAFN) Property developers in Qatar are learning lessons from Dubai’s sharp real estate and development crash by slowing and rethinking projects, a move which will help property prices recover next year.

Qatar developer Barwa Real Estate said it has delayed its $8.3 billion Al Khor project due to sluggish market conditions, the latest sign that the world’s largest exporter of liquefied natural gas is grappling with oversupply.

The project, a mixed-use city north of Doha, was originally expected to be completed in 2015, but a company spokesman declined to give a new completion date.

House prices in Qatar, down about 30 percent since the crisis, are seen falling further by 10-15 percent in 2010 before recovering next year as property companies better balance supply to the market, said Patrick Rahal, senior analyst at investment bank The First Investor in Doha.

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