Asteco: Qatar Report Q1 2011
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The road to home finance has been a long one for the Kingdom, but with its highly anticipated mortgage law edging ever closer to ratification, would-be homeowners and financial institutions are gearing up for a new era of opportunity.
With the announcement this year of a US$66.7 billion initiative to address the demand-supply imbalance in the Kingdom’s housing market, social infrastructure spend is topping the Government agenda as it focuses on building affordable homes for the future.
The South-East Asian island has seen a number of distinctive developments come to fruition over the past few years as the country further establishes itself.
There has been a continued stabilisation of demand in the residential apartment market since the last half of 2010.
Low-end properties are suffering as tenants focus on better quality apartments, which have become more affordable.
Continued delivery of new stock on the Pearl-Qatar has seen rental rates decline as supply continues to outstrip demand.
Villa rentals have begun to show signs of stabilisation, with few price movements overall.
Poorer quality apartments on The Pearl-Qatar saw a marginal decline in sales prices, but some superior quality units saw a slight increase, the first since 2008.
There has been a marginal increase in office demand, particularly for smaller suites. However, the continued delivery of new and second-hand stock to the market has discounted any positive effect on overall rental rates.
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