Doha Real Estate: Zawya report
23 November 2008
DOHA: Real estate prices have fallen by almost 50 percent in the suburbs of Doha, reviving hopes of a downslide in the rental market, property market operators said yesterday.
The global financial crisis has put sudden brakes to the real estate boom in the country. While land prices have fallen by almost 30 percent in Doha city limits this month alone, the rates in the suburbs have been declining faster.
Plots in some suburbs are now available for QR400 per square metre, down by almost half over just a month. Real estate investors expect a further slide in land prices in the days to come, said Abdul Wahab, a property agent.
Rents have also begun falling as a consequence of the downturn in the real estate sector, said another property agency official, Mehmood Abdullah.
"House rents have this month fallen by as much as 20 percent. A new apartment which was available for QR10,000 monthly rent, is now on offer for QR8,000," he said.
New residential buildings are being completed in large numbers in and around Doha, easing supplies. "But there are not many takers," said Abdullah. This is putting pressure on property owners. "So if they have to ensure a property is rented out, they have to lower the rent," Abdullah said.
As for real estate prices, he said he was sure loan defaulters would be prompted to sell their landholdings after Eid Al Adha. "This would bring more pressure on pricing, so land prices are sure to come down further after the festive season," added Abdullah.
where is this actually happening coz i wasted 6months and finally i rented a shit house in the city with just 1 Gurfa.. wot they say ;) @ 5k no maintanence no parking no nothing.. full dung.. just media war or media prop aint gonawork..! we need something real to happen some real change.. lolz...
at some of the accommodation ads:
1 - There appear to be less of them
2 - Some are mentioning a reduction in rent.
It has saddened me to see "bed space" advertised so frequently. There should be no need for that in a country like Qatar.
I did not say that all prices are dropping
some landlords would keep their property vacant or demolish it and would not accept reducing the rent
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KH.. it doesn't mean the rent dropped..
they just asked for some unbelievable price for this villa... I am sure all similar villas go for 14-15K.. just this particular landlord was more greedy than anyone else, so he "tried" to take one for the ride.. when it didn't work, he gave it for the normal market price of 14K. If we are talking about 3 br, or small 4 br, or remote villa, this is a prices for such villas: 14-15 K.. nothing dropped, except of the landlord's greedy ambition...
or maybe there is some other matter behind this particular story.. we don't know.. but it does NOT show that all prices dropped.. not at all...
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“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry
It would be good if we could rent directly from the landlords and cut out the agents who are mostly dishonest thieves, problem is where to find them. KH your approach is a good one, however at the moment im so over house hunting, ill just leave it a while.
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khalas, KH... so you say that if i advertise by myself, i will get what i want?? promis??
ok, i will put the ad tomorrow... and if NOT, then what, KH?
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“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry
He didnot agree on 22. When he checked the villa, they asked for 22. later he called and was telling he is serious and they have to consider reviewing the rents. they told him "ok now yoy can have it for 14"
hope it is clear now
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KH, i am missing something here.. your friend agreed to rent the villa for 22 K, but the landlord gave it away for 14K? why is that?
to be honest, it's not that i don't believe it, but i kind of doubt it since i and probably even you KH don't know all the details...why it happened, how it happened... and again, as i always say: there is a rule - there is an exception. Listen, i know one girl, she lives in Beverley Hills apartment and doesn't pay a penny for it.. does it mean prices dropped that low? up to QR 0,0? I don't think so.. it is just a particular personal case... we cannot apply it to all prices in Doha, and based on it to announce that since tomorrow everybody will pay QR 0,0
So here is a deal guys... whoever believes so much that rent dropped down, please find me a 2 br flat for 7,500 which used to be QR 10,000.And i will pay 1 month comission...and THEN i will say: I was wrong, prices ARE going down.. till then.. based on what i see in the newspapers and in QL classified…. sorry.. cannot say it...
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“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry
If I were you, I would follow a different approach. advertise in the newspapers (mainly Gulf Times and Al Sharq) your requirements. I bet you will get tons of villas. The problem is creatd by the brokers who signed 3 to 5 years contracts with the landlords and were expecting to harvest gold. now the brokers are in deep trounble and still trying to hold the rents up
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lol QS, very true. The challenge is on guys, find the woman a flat.
thanks KH ;-)
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wow Kh thats a huge difference, seems like i seem to attract the expensive ones, they must see us coming from a mile away..ive honestly been looking for a villa the last couple of weeks and hasnt been my expererience, im just gonna ride this out until next year.
the rents are going down. yesterday a friend told me about an instance where a guy was looking for a villa. he found one for 22k (at the beginning of the month). last week he made up his mind and went to sign the contract when he found itit became 14k
landlords are not allowed to increase the rent more than 5% (if he/she is living on another planet). if your tenancy agreement is available or if you have the receipt, simply go to the court near Muntaza park
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Mansoorlahi, actually a few people in my building recently tried that(in sep), they bargained, and tried to use the supposed "new law" of forbidding any rental increase until 2010, and they were shown the highway.
Their apartments were advertised 1000 Qr a month.
I guess we will just wait and see what the new year brings.
QS, wanna share a tent in the interim ;-).
Gerryqs, i see you finally made it here, welcome to Qatar.
Please PM me here. We can talk about your proposal
try it.. let me know when you succeed, mansoorilahi ...
funny.. i will pretend that I don't need the place to live.. like, ya'ani, i am fine, thank you, i don't need a roof over my head..
...and where I suppose to live while pretending that i am not interested in their villas/flats? in desert tent?
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“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry
nadt, If you are ready to give the amount they ask, it will never come down. Demand plays the vital role in any business. If you can wait a bit and bargain with the agents at least we can pull it down. everyone is trying to create an environment of low demand by word of mouth,you people are trying to counter it..For a good cause we can join hands together and try to pull the demand down literally....
Keep up the good fight nadt and your straightforward comments. It is like a breath of fresh (Aussie) air to read people who say it like it is.
I have been here four weeks and since I arrived there has been five other people joined the company, one from the UK, one from India and three Kiwis (yes nadt we will keep our jokes private we must not upset any of our precious QLers). They are all paying less rent that people in the office who arrived six to twelve months ago for very similar accomodation in some cases in the next street. The best example is one famaily guy is paying 18,000 and in the same complex a new arrival is paying 14,000 with no commissions or upfront fees etc just a month in advance. He simply said to the agents take it or leave it. I am in a shared villa because that suits me until my wife arrives nfrom Brisbane next year. I know some people paying half their salary on accomodation, that is crazy and if you get to that situation you would need a pretty good reason to stay. I have had a look at a few places since I arrived in preparatiomn for next year and as soon as the agent tells me the rent and goes into their speil I tell them they must be joking and head for the door. They allways run after me and reduce the price.
Anyway maintain the rage.
The rent for once occupied accommodation will not come down,but you have an option to look out for a cheaper option. If there is no sufficient demand, the rent will come down definitely.
The main issue I have noticed is that , our people are not taking enough pain to bargain with the agents. Our attitude should definitely change
We are experiencing the same in sydney. Realestate prices have taken a nosedive. Then again, the realestate agents cannot bear the idea of lowering the rent. Reasons being 1) Pride 2) Really used to big dough 3) landlords unwilling to give-in
Heres one for ya - just a few days ago received a note that my landlord wants to raise the price now of a commercial property I have 100% - a complete double. And we already pay a healthy rent.
A complete money grab. What can you say to somebody so foolish and greed-stricken? Lost total faith and confidence in the poor guy. Will post details later on the result of this.
Rents are just the same or higher than before. I wish that it will go down too.
Visit Filipino Expats Eye on the Web
I have been looking for a new appartment since last june. I don't know from where the newspapers are getting their news. I guess the news papers editors are themselves landlords :).
Prices haven't fallen down. I had only seen one new building that reduced its rent from 10500 to 9500 (Unfurnished) in Nasr area. But that was on the cost of removing all AC's from the appartments.
In addition to the fact that the flats layout seems to be designed by someone who has no clue about archeticture design and areas are quiet small with poor finishing quality, despite of the outside fancy look.
Its my first time to see the flat's doors paint are being partially sanded and left as it is.
Nowadays i noticed several landlords asking for long term contracts which was not the case before. They want to assure that tenants won't leave the property even if market prices had fallen down.
It could be either or both I reckon
the rents or the people?
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I have to laugh.
People have been saying the rents will drop since 2003/4
They had to drop eventually!
There are few deals going around that I am aware of and heard from people is that they might offer you one or two month free rental as a carrot..Lets really hope this rental bubble burst before the time when there would be no one left here to rent them..
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HE WHO DARES WINS
ok so the temper flared a bit from my side, sorry guys but UKeng, your right, im so frustrated with the whole rental bizzo in Doha. Im sick of hearing, rent is going down with the actual opposite happening and like QS said, doesnt matter what fighting spirit you have, most of the times it doesnt work here. You can take t further and spend heaps of time and money in courts only for the landlord to find some loop hole and get away with it, wasted time and effort.
Ive sort of resigned myslef to the fact that its high rent, bad scenery form a verendah that barely manages to fit one person leaks coming from walls in the lounge and kitchen and bathroom (we dont ned to use the shower, we can have a quick shower in the kitchen or lounge),no maintenace and no decent plumber to call (oops did i say plumber), i meant one man who arrives on our doorstep to fix the leaks holding a plastic bag and a screw driver). However when i read articles from newspapers stating this, i get very frustrated, and worse people believe it because its in a newspaper. whew sorry about the rant, excuse me while i go and change the buckets of the water that fast filling in an apartment that was only built a year ago and then go to classifieds to check for another apartment that has been "reduced" by 20 per cent.
Comeon QS.. we western expat should have some fighting spirit..we cant just aly down and let them walkover us..Or shall we..
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HE WHO DARES WINS
Well I hope these rumors are true about the rents coming down..I agree with the frustrated response of Nadt.
Novi they cant do that.. By law they can only increase 10% over 2 years.. Girl you need to see a lawyer pretty quick..
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HE WHO DARES WINS
they can do whatever they want.. they simply say: plssssss, vacant the territory.. and then what shall you do?
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“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry
TRUCK???? have you forgotten a size of mine?? that's how long you didn't see me...
where the hell would i fit this your track in my stomack??? unless this truck is from Toys R us...
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“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry
you need a break hmm means you need a kitkat hmm should i get you a truck of kitkat keep breakin them all day and night.
DaRu.. you don't need me "upside down".. my mind is already this way lately... need a BREEEAAAKKK! from everything!
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“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry
bad gal bad gal use decent language :? or else i will qatarisun upside down
nadt... i agree with you...and I would love to use the same language.. but brit..???
yeah Novi, you have to give this paper to your landlord.. maybe he doesn't read the news??? what a people! Newspaper said, rent's going down, and they still raising it up!!!
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“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry
well the bubble was bound to burst, but who expected it to be so soon, people estimated not before most major projects and infrastructure is done (around 2012), but i doubt this will affect rents to an extend where it knocks 20% of the previous years rate...
dont dare to comment further Nadt ! they might kick us out ...
sorry to hear that novi, but not surprised. Did your landlord by any chance read this article.
our rent just go up by 33 %, landlord told us pay up or leave ...
lol brit :-0
we will wait and see, hope so.
A lady using such language... I'm shocked..
I agree with you. Haven't seen anything positive.. Hopefully after Eid ..
"House rents have this month fallen by as much as 20 percent. A new apartment which was available for QR10,000 monthly rent, is now on offer for QR8,000," he said
This is total bullshit, an apartment that was 10,000 is now bloodly 11,000. I keep hearing this crap and its not true and i know as im a looking for a new place and they have gone up not down. Dont get me wrong, would love for this to happen, but it seems like the papers say one thing and reality is another. ive yet to see proof of this.
Where are you??? Quick, Transfer a tidy sum to my account immediately and I'll look out for a deal for you..
KinG-07
Please let me know also if you are interested in buying an apartment in the pearl. I could help you.
"Winners never quit, quiter's never win"
KinG-07
Please let me know also if you are interested in buying an apartment in the pearl. I could help you.
"Winners never quit, quiter's never win"
Pity the poor people who've ended up at the end of the property flipping chains, who now have property in Doha that they can only sell on at a loss.
It's like pass the parcel but with a nasty surprise in the middle instead of a nice one!
So I should wait till after Eid before trying to buy an apartment in Lusail ??
What about the rents of already occupied villas...Are they gonna reduce as well...Personally I don't see any chance of it...
I hope the prices for real estates must be lowered so as more people will have the chance to have a better place to live..
"If you don't want my apples, don't shake my tree"