a fall on rent prices
Qatar property rents 'to fall sooner than later'
by Andy Sambidge
Wednesday, 31 December 2008
DOHA RENTS: A leading Qatar businessman has predicted a substantial decrease in rental costs.
DOHA RENTS: A leading Qatar businessman has predicted a substantial decrease in rental costs.
A prominent Qatar businessman has predicted a substantial drop in property rentals during 2009 as the supply of new homes is expected to exceed demand.
“The rents are sure to tumble sooner rather than later,” said businessman and industrialist Abdul Hadi al-Shahwani. “They will definitely fall.”
Shahwani said his expectations of a depression hitting the rental market were based on the fact that land prices had already come down by up to 50 percent, both in and out of Doha, reported Qatar daily The Peninsula on Wednesday.
And with building materials now also available at cheaper rates, the housing costs are considerably down, he told the paper.
“It is, therefore, natural for the rental market to follow suit. The landlords of many newly-built apartments are still demanding higher rent but how long they can afford to keep their properties unoccupied, is to be seen. They have to eventually give in,” he added.
Confirming that landlords could be under pressure to pay off the banks, another property market operative, PN Baburaj said the construction boom attracted many new investors who had mostly relied on bank loans to develop rental properties.
fieryangelinthesky, understand you perfectly....
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“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry
i am going to believe "the falling down rent" if my pocket says it...
me and my friend inquired for a 3BR flat here in Al Sadd, actually a newly constructed building right after the building we are occupying for two years. Sad to say, the rental rate is same as we are currently paying, 10,000 per monht. Worse is, they asked for 2 mos payment before occupying the flat plus 24 PDCs.
Is this what they call "falling down rate"? Baloney!
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Gosh DaRude, ure killing me :S why r u punishing me, ive been good :(((
you're kidding? i assure u if u check the classified in this website alone you will get a very nice 3 bedroom apartment for less than 9000. rents are dropping and real estate market is slowly yet so steadily falling apart.
Your new home work daily read al the news papers published here in Qatar and at end of the day give me a 2 line short brief ok :P
maybe others in their wildest dream it'll posssssssible...
"Build bridges instead of walls and you will find a friend..."
here you go...
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“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry
its all nonsense simply trying to get peoples attraction,keep listening the same nonsense.here my landlord has incereased 500 more thats 4500.wen we cane in the beginning it was only 1100 and now its 4500.greedy fellow,killing people and buying towers here,disgusting
rania ...i agree with your "you never know"...
that's why i say: i won't believe, until i see it by my own eyes...
as per newspapers, everything is very high as well.. i am wondering where people get this feeling about falling rents from?.. wallah i wish i could get the same feelings...
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“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry
DaRude is this my new homework??
Qatarisun, I know ive heard about it too, but u never know, just wait and see then :))
Da, i don't have to figure out anything... I am not a real estate analyst or economy predictor.. i am talking from my point of view as a modest consumer, that's it. As of TODAY, no one rent gone down yet.
Even Barwa with their "low" rents... WHY are they low? because:
1. flats are very small
2. the locations are way too remote, i would say in the middle of desert
3. finishings, including gypsum boards even between the flats it selves, are out of any acceptable standards.....
to be honest these flats are barely worth whatever they are offered for
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“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry
rania. i keep hearing about it for over 2 years..
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“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry
there are some other reasons than just Barwa Project. try to figure them out.
this thing am quite sure always goin down never coming up the under#%*&.
for all of us! just kidding folks!
Good Friday morning...
"Build bridges instead of walls and you will find a friend..."
Qatarisun, probable. but the thing is other comanies are following the lead. but i heard that after january 2009 there will be a fall down, u never know
insha'allah sonia...
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“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry
Rania... lol.. because of Barwa's new residential projects??? there are only 2000 miserable flats in this project. let's assume 2000 flats on the market will become available due to relocating to barwa houses(which i doubt, btw, but let's assume). Now. Every day 200 people come to qatar for work. EVERY DAY. R u willing to calculate, during what time the 'empty’ flats will be filled in? ...hhhmmm... in about 2-3 week max, considering that some of these 200 newbies are construction labours who goes straight to industrial area.. barwa housing is a tiny drop in the qatari real estate ocean, and cannot affect this ocean in any possible way!
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“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry
Wait & watch....
Owner will offer 2 month free for 1 year agreement soon...
in next coming 6weeks just keep an eye on the market and than differentiate with the current market price.
Prices will not go down becos of the crisis that happened, they MIGHT go down becos of Barwa's new residential prjects and some other big companies that are doing the same for they emplyees for a lower price
blah blah blah.. I am in Doha for over 2 years, and that's what i hear for over 2 years...
so far, we had to look for 1 br flat for my hub's brother and his wife, who are coming to qatar soon... those flats for 6,500 are out of consideration, they are way tooo bad for that price. Real price for these flats shouldn't exceed 4000, but they are still going for 6,500 (people don't have a choice!). Finally we managed to find a nice 1 br for 8,000. Guess what, the agent asked for another 8,000; secretary of agency asked for her 'commission', another 8,000, and also for 2 months deposit which will be cashed, beside 1 month security check. So eventually the extra payment for 8,000-flat supposed to be 40,000!
Now, we found for them another nice 1 BR flat, this time for QR 8,750 (we made sure nobody will ask for any extras), the same day we sent to hub' brother the pictures of the flat, explained him everything, and he agreed. NEXT day we called to book the flat.. it
was gone! someone came right after us and grabbed the flat!
At the same building 2-BR flats are offered for 16,500, and only 1 is available! And it is NOT a West Bay, it is a miserable Mannay R/A area! We checked Beverly Hills, there is no any sign of availability there..
The rent of the flat where i staid 2 years ago for a month, when i just came to Qatar (and it was right at the Asian Olympic games!- hottest time in qatar!), the rent of this flat was 7500. Today the very same flat is offered for 9000, and no one is willing to give up 1 cent!
so.. i am wondering, where are all these "falling down" rents?
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“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry
"Build bridges instead of walls and you will find a friend..."