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Posted On: 22 February 2010 02:17 pm
Updated On: 12 November 2020 02:10 pm

New law to trigger rise in rents

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Some 51 percent of respondents to a survey conducted by Al Sharq Arabic newspaper recently on whether termination of the law freezing rents would affect house rents said they expected rents to rise dramatically. At least 38 percent of those interviewed by the newspaper said annulling the article in the rent law freezes residential houses would have no affect on rents as the supply is higher than demand. Commenting on survey findings, Yaqoob Yousef Al Ibrahim, owner of real estate company believe that the market on its way to stabilise due to completion of many housing projects low and middle income segments been carried out by shareholding companies. “As the completion of these projects has coincided with the beginning of demolition works in the city and other locations avoided attempts to exploiting the situation,” he said. “I believe that Qatari government decision on freezing rents for two years was not spontaneous, rather it was based on an in-depth study of the real estate market existed at that time,” said Al Ibrahim. As the skyrocketing rent values that prevails before the global crisis, Yousef said that has become part of the history and prices would never turn to those levels. Ibrahim Al Ibrahim, member of Central Municipal Council ex-pressed his concerns that rents would go up not only due the termination of rent freezing but the demolition of Kahraba Street in Doha and Abdullah bin Thani Street.