Rents may fall in two months - What do you think?

Web posted at: 12/4/2006 6:53:38
Source ::: The Peninsula

CMC member laments rise in prices of essentials

DOHA • House rents are likely to fall in two months from now, says a prominent member of the Central Municipal Council (CMC).

"Wait for two months and you will see a huge difference between the rent situation now and by early February, 2007," Ahmed Ibrahim Al Sheeb told The Peninsula yesterday.

In fact, signals of receding rents should begin coming in, in about 20 days, just after the Asian Games, Al Sheeb said. He represents Umm Salal Mohamed in the CMC.

Most residential complexes were booked for the Asian Games and once the event is over, they will be vacant with the result that there would not be any shortage of housing.

Al Sheeb said that currently two issues are being hotly discussed in the Qatari community. One is the continuous fall of the Doha Securities Market (DSM), the Qatari bourse, while the other issue is the rising prices.

"I am going to raise the issue of rising prices in the CMC and press for a meeting with the Consumer Protection Cell at the Ministry of Economy and Commerce," he said.

There is no government supervision and traders are increasing the prices of consumer items at will. Prices of some food items vary hugely from one place to another.

"This clearly shows that traders are taking consumers for a ride in the absence of state supervision," said Al Sheeb.

The Ministry of Economy and Commerce is responsible for monitoring the prices of essentials, but it is doing nothing. "I have been to most places in the country and prepared an extensive report about the rising prices of consumer goods."

The situation is worse as regards the prices of cement and building materials. Their prices have gone up manifold in the recent months, said the CMC member.