Rents Falling by 2007
Minister sees rents falling by next year
|
|
|
Staff Reporter THE rate of inflation, which is currently pegged at 8.8% (up to September), is expected to come down to 6% during the next year (2007) and the rents of residential units are expected to fall by 20% from the present level, Minister of Finance HE Yousef Hussein Kamal has said in an interview to Qatar’s satellite TV channnel. Local Arabic media quoted the minister as saying that a committee had been formed to evolve measures to check inflation on the directives of HH the Emir Sheikh Hamad bin Khalifa al-Thani. Kamal, who holds the additional charge of Minister of Economy and Commerce, said the government was fully seized with the problem of inflation and was keen to evolve measures to contain it within six months. "The government has been spending its financial resources on the welfare of nationals and expatriates," the minister said. "During the year 2004, we achieved 24.8% of economic growth and in 2005 it was 22.8%. For the current year (2006) it is expected to stand at 19.9%." The rate of inflation in 2004 was 8.48% and in 2005 it was 12.62%, the minister said. "One should understand that inflation in any economy is caused by internal as well as external factors. At the international level the inflation rate for the past three years stood at 22.5%. The US dollar has lost some of its purchasing power." He said inflation in Qatar had surged mainly because of the increase in the rents for residential units by as much as 64%. He attributed the rise in the rents to price escalation for building projects. "Various infrastructure projects implemented by the government resulted in an increase of the prices of building materials since the demand far outweighed the supply." He said Qatar was not the only country to suffer from the huge increase in the price of materials. "The prices of some of the materials go up by 109% in India and China every year." The minister said HH the Emir was very concerned about the problem of inflation. "HH the Emir himself presided over a high-level meeting to discuss this issue and ordered the constitution of a committee to go into the pros and cons of the problem and implement measures to check it within a period of six months." He said HH the Emir had also ordered the allocation of a large site in the Industrial Area to set up units to manufacture certain products. |
you are right: it's real etate agents, who are "eating" our money. It must be changed by the Goverment law. Instead of “expecting the rent of residential units to fall by 20% from the present level”, Government could only change the regulation of real estate agents’ activity, and “the rent of residential units” will fall by 50-60% automatically.Everywhere in the world the RE agent gets paid only once - when the property is sold/rented. Here RE agency rents accommodations for X amount from the owner, and re-rents it for XX, sometimes for XXX amount (BTW these XXX are forbidden in this country, so why they allow to do it with the rent prices???) :):):)
Signature:
***make money and love! no fighting, no war!!***
If you want low rents, its better to try to meet the owner directly. Try with any of your colleagues and get some Qatari contacts. someone would be having and I think many would be willing to give of they feel a tenant will be there for a longer term. I know of a 3 bedroom villa which went for just QR5000/- in the beginning of this month. And mind you it was given by the owner himself not those money eating real estate agents and middle men who have ruined the market over here.
I wonder if we can strike a simple bumper sticker that expresses that we want low rent? anyway, just a thought...dumbidum...
I gathered that English wasn't your first language. The level of English is good.
Hope that the new year and Qatar go well with you.
We received a letter from our landlord few days back, and they are asking a 50% increase over our monthly rent starting from Feb 07. We ignored the letter because we are planning to move out anyways.
But my poor lovely neightbours from Pakistan (the ones that cook me yummy meals sometimes :)))) received the same letter and were totally gutted. They called the agency and complaint that it was illegal and begged them to keep the same rent. They wouldn't so my neighbour threatened to bring them to court. So they said something along the lines of ..., ok, do what you want, but if you don't pay what we are asking you will have to vacant the flat...
the name of the Agency is AL ASHMACK real estate.
HaShMi
If you can read arabic or having some arabic friend then this is good site to search Accomodations and second hand vehicals.
some times adds in English also
http://www.ewaseet.com (Qatar)
Regards
HaShMi
One of my friend told me that Court bound his landowner to increase rent up to 10% , owner was demanding 25% and there is a separate desk in court to handle rental issues.This as a positive change after games.
if you see the Rental adds in Gulf news you will see the same adds from at least two weeks and i feel about 500 QR Decrease in an apartment of 7000 QR Rent so hope for the good
Hamad Hospital will take charge of Asian games village and definately the rents will down due to availibilty.
My villa owner is agreed to do next agreement on same rents , so for me the Tayler's pig is flying.
Hope for the best.
I have been here for 2-3 weeks, but started looking for the accommodation only 5-6 days ago.. with no luck so far..fine, i will keep you in my mind while I am looking for my house. you also please keep me in mind.. I think for 8 Grand you can find nice 2-br apartment.
you may send me an e-mail, if you wish..
thanks Kikomodos! Happy New Year!!
yes, i meant : I AM aware.. and I DO believe, you didn't intend being disrespectful,just correct...English is not my first lanuage.. not the second either..and even not the third one... FORTH! so I hope I am still doing pretty well..
Dweller, Hamlet, Red Pope, Tyler, Don Corleone, Maverick Silvermoon100 & Terramax,
Let's just continue to hope that things will get better, and when we say better, cheaper rents by early next year. It's a great gift that we can all get from the authorities for being hard workers and stuff. Cheers to all, take it easy.
Yes I do have ham in my name, strange isn't it.
When you say "I do aware" I assume you mean "I am aware".
I don't intend being disrespectful,just correct.
Happy New Year
The best to everyone in the New Year.
My love be with you all in Christ Jesus. So be it.
1 Corinthians, Chapter 16,
LOL
My love be with you all in Christ Jesus. So be it.
1 Corinthians, Chapter 16,
Thank you silvermoon for your concern, I have also noticed lately that most of discussions divert from the main topic and many are full of inappropriate and even racist remarks. As for your request in helping you find an accommodation, I am truly sorry but I don’t think I can help. Our company is a new one, and none of our projects will be ready before one year at least, sorry….
its not a matter of reducing the prices, I'am willing to pay 8k for a two debroom appt but by god make it an apprt where i can live, or at least let me find one and give me the option to choose.
Silvermoon, when did u get here? i've been here for 3 days but i probably came at the wrong time since everything is closed and i haven't been able to find a decent appartment. if you do find a nice one please let me know' i am willing to spend up to 8k but i need it in a decent location. welcome to doha, i two days by car and i can take u anywhere in doha, its such a small city. cheers
p.s: you are right that lately a lot of people on this site have been trying to be funny instead of helping people. i think they should do this on MSN where they can chat with people they know.
I always tell the truth, even when I lie
yes, it is just a free market.. if we are still paying, why they would reduce the price? Simply, infrastructure is way behind..it's just not enough accommodation on the market. Demand is too high.. The prices will drop when we will see hundreds ads in “Accommodation available” section. So far the flats and villas for more or less reasonable prices are going in 3-4 hours after the ad is published.
hi all, just a personal opinion, being living in Doha all my life, have seen Doha just boom out of no where, i still remember those adverts which used to say 3 months free rent, pay rent from the 4th month, and rents were not "Expensive" than what it is now. I do personally feel that "Maybe" rents may fall or the agents may cook up some offers like that, but if our land lord is getting for Example 4000 for an apartment we used to pay only 1800 a year n half back, what chances do you think they would reduce the rent and make losses ? Look in the practical side, fine the rents have gone up we all agree from 10% to a whopping 100% some places, we have managed to afford it costing us complicated lives, n managing from somewhere .. which indicates "We Can Pay" not to criticize the fact how we have been managing all this months .. so just to conclude with Terramax n Dweller, we better see some pigs fly ... or how about we feed it "Red Bull" to give it some wings hehehe .. Cheers !
I am not taking about world eceonomics, and BTW, I DID study it. And I am also sure that prices won't go down, at least not for 20%, and even not for 10%. Now I am talking only about the manner to express our thouhgts and feelings. I just want everybody to be polite and nice to each other. Other day I read the responds to some Indian guy, who made a big mistake by posting his “girlfriend wanted” ad. Yes, probably he was wrong. Yes, this site is not for this kind of posting. But.. did you read the comments?? Some guys were ready almost to kill him for whatever he has done.. they were making laugh of him, you could hear so much anger in their comments. Wasn't it enough just to say: “Hey, buddy, This is a wrong place for this kind of topics". That’s it!! That’s why.. again! Just be nice and polite… and it is better to discuss the TOPIC itself, not a PERSON, who created the topic!
the statement was not made to be mean only implying that rents will come down when hamlet can fly. The only issue is the false statements by the minister and the false hopes held by those in real estate. In no market in the world have rents ever gone down by any mor ethan 10%. The free market in real estate results in prices either staying stagnant or climbing but only in rare isolated cases of economics doe real estate and rent prices ever decline.
Take it for what you will but study world eceonomics and then make an informed judgement as to the validity of these speculations.
Hmmm- which personality is coming out today?
I DO aware!!! of course I DO!!! I just don't understand why Mr. Tyler had to say to Hamlet: "I see that you have ham in your name, perhaps you will fly as well when the rents come down by more than a small fraction." IT IS NOT NICE!! I noticed, this site got some anger lately.. people respond in not nice manner, they have been rude and insult other speakers.. that's all I wanted to say! Why not to be friendly, nice and polite?
I presume that you are unaware of the saying "when pigs can fly".
It translates as "no way"!
since you work in a big real estate firm, could you please help me to find an accommodation. I am new in Doha, and right now looking for my place.. You can send me an e-mail through this site (I accept e-mails), and then i will give you my name and phone number. Thank you very much.
why you have been so rude? As I understand, we discuss here the high rent issue.. no needs to insult anybody, or even mention flying pigs, and all this crap…be constructive and specific, speak up your mind regarding to THIS problem.... or create a new Forum Topic about “flying pigs” or so..
Going back to the Minister's originally quoted comment (above). It states that rents will fall "BY" next year so they have one day left excluding today!
I see that you have ham in your name, perhaps you will fly as well when the rents come down by more than a small fraction.
You and the pigs will join the cow in jumping the moon.
Hmmm- which personality is coming out today?
The rents are going to fall...trust me guys, I work in a big real estate firm and I know what I am saying
It's alright hamlet, np. more noise of these 'rents going down' within the next few months is getting upbeat and people are excited about it. i hope we wont be dissapointed, because anyway, we all are paying our rents.
Didnt know that pork is not allowed here in Qatar !!!!!!!, in Egypt, my home country, its totally ok, may be because we have a large Coptic population....any way its not healthy, switch to chicken or fish, or even better turn vegan
(by the way i knew what is ment by "pigs can fly" and that is not why i was asking my "stupid" question, but guess you know that already)
Tyler, thanks for explaining Einstein's theory of "relativity" haha! Cheers. Hope to see u guys tonight!
Hamlet....rents will fall when pigs can fly... a weestern expression used to imply impossibility, as pigs have no wings nor will they ever. Therefore rents will not be falling.
As for the permit, even if a pig could fly there would be some permit necessary for porky to over fly the country as they do not allow pork in, on, or over the counrty.
I miss bacon!!!!
It makes me sad to not have bacon!!!
Hmmm- which personality is coming out today?
What pork and flying pigs permits to fly over islamic countries have to do with falling rents???
I miss pork :(
ALL ARE EXPECTING,INCLUDING ME, THE RENT WILL COME DOWN WITHIN 3 TO 6 MONTHS.LET US HOPE SO.IF IT WILL NOT HAPPEN IT WILL BE VERY DIFFICULT TO STAY HERE......
Pigs won't fly here for sure... they won't get a permit to fly over an islamic country.
Are you having Swine fever? I thought that blah, blah, blah, are the one that could fly?
Fever anyone?
Have fun
My love be with you all in Christ Jesus. So be it.
1 Corinthians, Chapter 16,
You missed out "and when pigs can fly"
excerpts from Gulf Times 27 Dec 06, page 4...
"...a number of residences that housed Western expatriates in the last couple of years are lying vacant after the Games, most such houses had fetched at least QR 10,000 per month for its owners, now we are finding it difficult to get tenants for QR 8,000 for such units..."
"...some forums of businessmen have highlghted the necessity of bringing down both commercial and residential rents..."
cool huh!
I know when the rents will fall down. They will fall down 50% after the "I spy bookshop" will open at the city centre, and 50% more when IKEA will open at Villaggio. And when they will start selling pork at Lulu, and Magrudy's will open at "The Center", apartment owners will pay us to live in their houses.
I want some ACTIONS. Go and check for rents they are still the way they were before (exclusing the Asian Games duration).
There is control what so ever over rents and thats why it will NEVER go down