Up to 9,000 new apartments are due to be completed in Qatar by next year, easing supplies and bringing rents spiralling down by up to 25 percent, it was reported on Tuesday.
Property market sources in Qatar said that they estimated 100 tower projects were either already underway or planned to be launched during the next few years, despite the current slowdown in construction triggered by the global economic crisis.
Private and state-backed developers were busy building enough housing stock, experts told Qatar daily The Peninsula.
“So, we expect supplies and rentals to ease between 20 and 25 percent after six months and beyond,” said Mohamed Sabih Bukhari, who works in the building industry.
Rents were already down by an average five to 10 percent, he added.
Demand was easing as a result of the economic problems, but despite this all the new apartments were expected to be filled by next year, added P N Baburaj, who runs a real estate agency.
At present rents were still high, hovering at around QR7,000 ($1,922) to QR8,000 ($2,197) per month. “These are the 2006 levels,” he said.
However, demand for high-end housing was still expected to remain high as the government was increasing spending on infrastructure projects and the oil and gas sector - major employers - Baburaj added.
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