Jul 13 2011 |
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Qatar property market remains stable
Asteco
Q2 2011 report points to ongoing low transactional activity but sees strong growth prospects ahead of Qatar 2022
Rental rates remained stable, particularly in apartment rental areas such as Al Sadd and the Pearl-Qatar, with average two-bedroom apartment rental rates of QAR 6,250 per month and QAR 13,000 per month respectively showing no movement from Q1 2011.
Asteco 's report also highlighted the strong upside for Qatar's property market, spurred by economic development ahead of the FIFA World Cup 2022.
Leasing activity and enquiries have continued to build in the Pearl-Qatar development, which is emerging as one of the State's preferred locations owing to its contemporary design and increased amenities as development phases continue to be completed.
"The slowdown in new units coming to the market has been one of the contributing factors to the stabilization, coupled with the increased demand for Pearl-Qatar units," added Jones.
In villa rentals, the market remained steady. However, in Al Dafna there were some marginal increases in prices.
This ongoing popularity is attributed to various factors including strong employment opportunities, the prevalence of large individual villas and beach access, with the area attracting senior expatriate staff, wealthy Qataris and diplomats.
Sales transactions in Qatar were low over the last quarter. A gap remains between primary and secondary prices, although primary prices have stabilized and in some cases marginal increases in secondary process have been seen.
In the commercial property sector, office rental rates showed a marginal decline of 3% over the previous quarter, but some areas have remained strong, including the B Ring Road area, which saw an increase of QAR 5 per square metre.
The Asteco report also noted that there continues to be pressure on businesses to migrate from villas to purpose built office accommodation, as a result of Urban Planning Authority's requirements. This is contributing to demand for Grade A office space, mostly within the Business District.
For more details, please visit www.asteco.com
-Ends-
Asteco , a major regional and international real estate services firm and the largest property services company in the United Arab Emirates, was founded in Dubai in 1985. Asteco offers independent market analysis, design development consultancy and valuation services, sales and leasing services, as well as asset and property management services.
Media contact
Josse Dulka
Senior Account Executive
Shamal Marketing Communications
Dubai, United Arab Emirates
Office: +9714 365 2713
E-mail: josse@smc-pr.com
© Press Release 2011
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