Doha office prices drop 20-25% on easing demand
by This email address is being protected from spam bots, you need Javascript enabled to view it on Friday, 15 May 2009
Rents for office space across the Qatari capital have come down by around 20 to 25 percent in the past few months on lower supplies and slackening demand.
The Peninsula daily reports that supply of shops is still scarce, particularly in downtown Doha, where large-scale demolition of old buildings has led to a severe shortage.
Real estate market experts reveal that office space on the prime C and D Ring Roads in the city, which were once commanding rents between QR240 ($66) and QR260 ($71) per square metre in the pre-recession days; the rates are now down to between QR180 ($50) and QR200 ($55).
Howeverm rents for office space in West Bay, the most prestigious business address in Doha, remain relatively higher, despite some recent correction, the newspaper added.
Last month, Colliers International, the global real estate consultancy, had released the GCC Overview Report, which indicated that the impact of the global economic and financial crisis on Gulf real estate markets has been swift and dramatic leading to a decline in real estate capital values and rents.
According to the report, in Doha, the rentals for newly constructed office space have softened by 10%-15% over the last four months. The sales of residential properties have collapsed due to the lack of finance and a wait and see attitude on the part of buyers, the report added.
READERS' COMMENTS
Posted by Dud, Dubai, United Arab Emirates on Sunday 17 May 2009 at 06:25 UAE time
What about Dubai and the rest of UAE? Any credible statistics to share with readers?
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